You can see, the price actually extended above the (in blue) tested the bottom of the major overhead (in red) and then retreated back into the . So, this is telling us a few things.
1. The breakout above the failed.
2. BTC was rejected on its an initial test of the exact bottom of the major overhead 6000 , failing to maintain a price above 5777 on the Coinbase chart.
3. This price movement concurs with the exhaustion seen in numerous indicators.
Think about that for a second. We're seeing divergences in the , the , Stochastics (you name it) while testing THE MOTHER of all overhead resistance. It's like Bitcoin is wounded, (the overhead ) is going to win this first fight.
This information is to be used for educational purposes only, If you are a beginner trader, please check the normal trading as this is high-risk and can easily produce a loss. We share many, many trades that are basically risk-free.
For more content, be sure to hit that follow button