There's a lot going on in this chart, but we have a few things we have to consider when analyzing
BTCUSD
today. So far it has been able to hold support at $7626 for the last few days now, but has failed to push through the supply (indicated by the red rectangle), and the more we tap into this support the more likely it is that we will break through it. As you can see by my poorly drawn lines, BTC is forming a bear flag.
Here's a closer look at the consolidation pattern. Now I drew a triangle, but you could probably draw a descending wedge if you wanted. Either way they all infer the same thing, continuation of the overall trend. The asset is consolidating as the market digest the last move and is preparing to continue that move once its ready.
And just so y'all know where I got these support levels, they're from a daily line graph. Don't sleep on line graphs, nothing and I repeat NOTHING is more important than the closing price.
Now we could definitely turn this day around, but it seems like the major players are taking profit right now and any move up is an opportunity to sell imo.So imma stay 100% cash and I will remain so until I see some bullish confirmations.
BTCUSD
today. So far it has been able to hold support at $7626 for the last few days now, but has failed to push through the supply (indicated by the red rectangle), and the more we tap into this support the more likely it is that we will break through it. As you can see by my poorly drawn lines, BTC is forming a bear flag.
Here's a closer look at the consolidation pattern. Now I drew a triangle, but you could probably draw a descending wedge if you wanted. Either way they all infer the same thing, continuation of the overall trend. The asset is consolidating as the market digest the last move and is preparing to continue that move once its ready.
And just so y'all know where I got these support levels, they're from a daily line graph. Don't sleep on line graphs, nothing and I repeat NOTHING is more important than the closing price.
Now we could definitely turn this day around, but it seems like the major players are taking profit right now and any move up is an opportunity to sell imo.So imma stay 100% cash and I will remain so until I see some bullish confirmations.
Comment:
My bad I didn't mean to do the parrell channel guys! Here's the triangle