BITFINEX:BTCUSD   Bitcoin / Dollar
366 3 3
Bitcoin looks bearish on all time frames right now & on a long-term chart it looks to test the 381 previous support level and then could possibly test the apex of converging trendlines around 305-310 but overall looks to retest the macro b/o levels around the 202 level...watch volume for confirmation
Hi. I'm very new to trading, could you please explain how watching volume would give you an indication of whether or not it will drop to the 202 level? If there is lots of volume it shouldn't......is that correct?
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Sure........u want the volume to confirm the direction bias so in this case u would want higher vol. as the price of bitcoin is falling.......if there was not higher vol. to the downside then it could be sign of a potential reversal or retracement
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iefan PRO djflowmaster
Excellent, thank you sir!
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