I'd be careful buying this move fam. Volume doesn't look too good, and we didn't even take out the last high of $8134 from our last rally. If this was for real I think we'd see BTC closing candles upwards of $8000 not closing below $7950...
IMO the next time we fall we are gonna take out that trend line and head towards $7200 or lower.
Here I see a possible head and shoulders pattern printing, implying that bulls are becoming exhausted and the bears are about to step in and pull prices downward. Also you can see the trend line I mentioned earlier acting as support. Well Every time we've hit this line we've had pretty significant boucnes, but also notice the volume decreasing as well. This latest bonce was the weakest one yet, and so was the volume.
If we take a step back and look at the daily, I think we can all agree a correction is due. We need to go back to the mid $6000s and confirm these levels as support. We never did on our way up, and as of right now we are standing on a glass floor. Think of it as building a solid base for BTC to build on before we move upwards.
IMO the next time we fall we are gonna take out that trend line and head towards $7200 or lower.
Here I see a possible head and shoulders pattern printing, implying that bulls are becoming exhausted and the bears are about to step in and pull prices downward. Also you can see the trend line I mentioned earlier acting as support. Well Every time we've hit this line we've had pretty significant boucnes, but also notice the volume decreasing as well. This latest bonce was the weakest one yet, and so was the volume.
If we take a step back and look at the daily, I think we can all agree a correction is due. We need to go back to the mid $6000s and confirm these levels as support. We never did on our way up, and as of right now we are standing on a glass floor. Think of it as building a solid base for BTC to build on before we move upwards.