As stated from my previous idea that BTC might dip, we can see there was a large red candle, bouncing off the bottom of the larger narrow wedge and a support line. The MACD is also showing a DEATH CROSS. My opinion from my graph, it appears to me that BTC is on its way down, after trying to break $7,800 and failing. If it goes lower than the $7,450 support, I will change me position to SHORT.
As always, trade safe and DYOR.
UPDATE: BTC has fallen in between my first set of white resistance/support lines. I will share another idea later in the day, but from the looks of it, BTC might head further down and I will be changing my position to match.
Just my opinion though. Trade safe and DYOR.
UPDATE: BTC has had a fairly strong run after almost touching the third white resistance line. But in my opinion we’re not out of the woods yet, especially with such a large green candle. BTC May stabilise here for a little bit before possibly heading back down.
I’ll be waiting on confirmation later on in the day, but my sentiment is that this is just a bounce one our way down.