BTC Update: Looking a bit heavy...
Note: All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in these markets tend to get hurt the most.
Observations:
As mentioned in my previous post, I am convinced that BTC is still in a downtrend. Coming to this conclusion by connecting price actions higher highs and lower lows on the 1D chart, which in this case is trendline D & F.
Notice how price broke out of trendline A with some strongish Volume. After this event, price continued to slowly move up (with weakish volume following along) to experience resistance on trendline C. This sort of heaviness in price, followed by weak volume, signals to me that it might just fall.
The above event led to the intersection of trendlines C and B, which created a bearish symmetrical triangle. Look how it breaks below trendline B, confirming the end of the triangle. As stated once before, I tend to look for trends on every time frame I use. So when the trend is down within a larger downtrend, consider it probable that price will continue going down.
Therefore, I believe it is highly probable that we see a break down to that critical support level I’ve highlighted above.
Thank you for reading,
Have a nice day!
Observations:
As mentioned in my previous post, I am convinced that BTC is still in a downtrend. Coming to this conclusion by connecting price actions higher highs and lower lows on the 1D chart, which in this case is trendline D & F.
Notice how price broke out of trendline A with some strongish Volume. After this event, price continued to slowly move up (with weakish volume following along) to experience resistance on trendline C. This sort of heaviness in price, followed by weak volume, signals to me that it might just fall.
The above event led to the intersection of trendlines C and B, which created a bearish symmetrical triangle. Look how it breaks below trendline B, confirming the end of the triangle. As stated once before, I tend to look for trends on every time frame I use. So when the trend is down within a larger downtrend, consider it probable that price will continue going down.
Therefore, I believe it is highly probable that we see a break down to that critical support level I’ve highlighted above.
Thank you for reading,
Have a nice day!
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