Look how tight Bitcoin is behaving regarding the descending channel we drew some weeks ago.
This last pump is still inside this channel, so I'm remaining bearish & still believe under 3k could happen. Volume is not increasing either.
Check how tight EMA50 is acting as upper trendline for the channel in $bitcoin chart.Also we are starting to break Ichimoku cloud so thats positive.
Switching into Fibonacci levels.. breaking above the DC will send us to 4400$ where next resistance and level .382 is located
I will not trade this and If I feel a rejection at current levels, probably will short to 3400-3500$ levels. For now stay safe. Happy Trading/Sunday
This last pump is still inside this channel, so I'm remaining bearish & still believe under 3k could happen. Volume is not increasing either.
Check how tight EMA50 is acting as upper trendline for the channel in $bitcoin chart.Also we are starting to break Ichimoku cloud so thats positive.
Switching into Fibonacci levels.. breaking above the DC will send us to 4400$ where next resistance and level .382 is located
I will not trade this and If I feel a rejection at current levels, probably will short to 3400-3500$ levels. For now stay safe. Happy Trading/Sunday
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