COTIBTC Channel Support|Declining Volume|Liquidity|Price Action

2020年10月5日

Evening Traders,

Today’s analysis – COTIBTC - Price Action needs to form a bottoming structure to allow for swing longs.

Points to consider,
- Bearish Price Action
- Channel S/R Support
- Untapped Liquidity
- RSI Resistance
- Declining Volume

COTIBTC’s immediate price action is bearish by establishing consecutive lower highs, a reversal will be imminent when new local highs get established.

The Channel S/R is current support, breaking this level will increase the probability of testing untapped liquidity, a swing long zone.

The RSI has a clear dynamic resistance, breaking this at oversold conditions will coincide with an influx in price.

Volume is clearly declining; an increase is probable when testing key trade locations such as liquidity zones.

Overall, in my opinion, COTIBTC is a valid long when a bottoming structure comes to fruition. Price Action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“Hope is bogus emotion that only costs you money.” – Jim Cramer