We are still consolidating which is good. When I see consolidation it tells me we are because we are building support in this area. Also the weekend is coming - generally there is little dramatic price action. RSI heading up to OB and MACD is heading to OS and presenting a bear cross. Hoping we stay above the $7500 area. One thing I want to point out if we are no longer pinching BB which leads me to believe we might head down again before fully recovering. I'm also looking the the 2 green candles wicks that rejected resistance at $7600. When the market is like this I like to expect for the worst and since we did end up breaking the trend line I'm very cautious. Good luck everyone.
what is "BB" on the log scale, it didn't break the trend line.
cryptowendyo
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@alexyeoh, I abbreviated "BB" to Bollinger Band, we broke the blue trend line and hit ~7300 and popped up to create new support.
supestv
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@cryptowendyo, Yes, but I drew that same blue line using the log scale and the price bounced just above it by $10, leading me to believe that most traders are using the log scale to place their orders.
cryptowendyo
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@alexyeoh, I didn't use the log scale to draw my trend line. But I will most definitely look into it and possible revise my chart accordingly. Thank you :)