For last few days, the current price range has been getting very less volatile and the volume has been getting lower and lower. I think I have a reason to explain why its happening?!
As I have published earlier Bitcoin primary trend is downward, we have got another confirmation of it with the formation of Descending Triangle. Triangle patterns serve as a consolidation phase where price regains the strength it needs to proceed in its primary downtrend.
As we can see the nice descending triangle pattern with volume confirmation shown in bottom of chart. Next thing to look at breakout is surge in volume. If there is substantial volume, price will hit our bottom target ($7,000) easily..
Just stay tight in your short position with stop loss and target mentioned earlier, this article is just follow with people to remind “patience is the key”, as we are getting more and more positive signal to support our analysis. This formation make this idea stronger for me.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, that the only fee from You!
As I have published earlier Bitcoin primary trend is downward, we have got another confirmation of it with the formation of Descending Triangle. Triangle patterns serve as a consolidation phase where price regains the strength it needs to proceed in its primary downtrend.
As we can see the nice descending triangle pattern with volume confirmation shown in bottom of chart. Next thing to look at breakout is surge in volume. If there is substantial volume, price will hit our bottom target ($7,000) easily..
Just stay tight in your short position with stop loss and target mentioned earlier, this article is just follow with people to remind “patience is the key”, as we are getting more and more positive signal to support our analysis. This formation make this idea stronger for me.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, that the only fee from You!
Trade active:
There is no surge in volume with price, the volume should have gone up on day chart for past 4 days but its not. The volume is descending day by day with price going up (suggest weakness in upward rally or false upward rally)..
this could be a trap setup by big fishes for moving out supply and showing $$$$ on books?
Stop loss at 10,300, if price able to sustain above 10,300 (making bullish candle above price on 4 hr chart) than exit from short.
this could be a trap setup by big fishes for moving out supply and showing $$$$ on books?
Stop loss at 10,300, if price able to sustain above 10,300 (making bullish candle above price on 4 hr chart) than exit from short.
Trade closed: stop reached