Bitcoin has been on a slow decline after getting rejected by 9500 level. Here is an analysis of where we are at right now, as you can see we are in a rising channel which is bearish in nature because of the drop we suffered from 9700 level. Price is struggling to hold 9177 support region which is crucial to sustain as it forms the bottom of the channel's trend line. If price doesn't hold 9130 level where a major fib line is acting as support, then it opens the doors for a short opportunity down to 8200-8650 level.
P.S. Remember that our friendly whales would love to pump the price and bring it back into the channel (making it a bear trap), be careful to short only after a clear break is made below 9130 level
May the profits be with you :)
P.S. Remember that our friendly whales would love to pump the price and bring it back into the channel (making it a bear trap), be careful to short only after a clear break is made below 9130 level
May the profits be with you :)
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as we can see the bulls tried to make the price jump, but the volume supporting is very weak. If we continue on this stagnating volume, it's only a matter of time before the local support is breached.
Reminder: I keep a bearish standpoint only because of declining buyer volume, if I observe an uptrend in buyer volume then I would reassess my analysis
as we can see the bulls tried to make the price jump, but the volume supporting is very weak. If we continue on this stagnating volume, it's only a matter of time before the local support is breached.
Reminder: I keep a bearish standpoint only because of declining buyer volume, if I observe an uptrend in buyer volume then I would reassess my analysis
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As expected, the downtrend in buyer volume was an indication that a drop might be incoming. Bears managed to break through the support region of 9087 and we fell below 9k mark. Here is my further update on how I expect the price to follow-
Reminder: follow strict stop loss on this trade as the momentum on this downtrend is not strong enough, I suspect we will most likely wick down to 8650 region and have a decent bounce back as the daily EMA 55 also lies in that region. Trade with care :)
Reminder: follow strict stop loss on this trade as the momentum on this downtrend is not strong enough, I suspect we will most likely wick down to 8650 region and have a decent bounce back as the daily EMA 55 also lies in that region. Trade with care :)
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So we witnessed a slow formation of what looks like a bearish pennant or rising wedge after the last drop, it is indicative that the price would take another fall soon. Here is my update on how I would carry out my trade, hope it has been helpful!
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