BTC broke out of the wedge it was in a few days ago with a spike in volume. Over the past few days the price has been consolidating sideways on lower volume.
Now, the volume on the original move up wasn't very convincing. And the price could drop from here and keep tightening. If that happens I'll have to adjust my trendlines and wait for the next attempt to break out of the wedge.
But while the price is holding above the trendline, I'm bullish. And I see some opportunities here to take a favorable trade. There are areas not too far down where you could place your stop loss, and the potential gain is much higher than the potential losses. Also since we've seen more bull volume than bear volume, and we've broken above a trendline, the price is more likely to continue upward than to drop. Good luck.
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading decisions I trust my trading algorithms more than my technical analysis. See my signature for more info.
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Now, the volume on the original move up wasn't very convincing. And the price could drop from here and keep tightening. If that happens I'll have to adjust my trendlines and wait for the next attempt to break out of the wedge.
But while the price is holding above the trendline, I'm bullish. And I see some opportunities here to take a favorable trade. There are areas not too far down where you could place your stop loss, and the potential gain is much higher than the potential losses. Also since we've seen more bull volume than bear volume, and we've broken above a trendline, the price is more likely to continue upward than to drop. Good luck.
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading decisions I trust my trading algorithms more than my technical analysis. See my signature for more info.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!