Manipulation of price is what its all about as supports/resistances show little initial impact (sharp price action breaking these, one after another)
Volume of lower lows & sell drop volume outweighing the rebound volume may reinforce capitulation to the previous bottom of $6500 although if drops below, manipulation may fade & we may get a look at what condition Bitcoin is really in.
BTC price closing below $6500 with volume is bearish as the continual downtrend would be lower lows which would add immense pressure to re-initialise a new bottom.
Very risky time to enter as indicators are low but nothing preventing them in this market environment to go to a lower extreme. Be safe with trades in this zone as risk/reward quite skewed.
CerealTrader
BTC -0.07% 0.29% is seeing some tough times , so I should write this:
***Education Purposes only***
Volume of lower lows & sell drop volume outweighing the rebound volume may reinforce capitulation to the previous bottom of $6500 although if drops below, manipulation may fade & we may get a look at what condition Bitcoin is really in.
BTC price closing below $6500 with volume is bearish as the continual downtrend would be lower lows which would add immense pressure to re-initialise a new bottom.
Very risky time to enter as indicators are low but nothing preventing them in this market environment to go to a lower extreme. Be safe with trades in this zone as risk/reward quite skewed.
CerealTrader
BTC -0.07% 0.29% is seeing some tough times , so I should write this:
***Education Purposes only***
Comment:
BTC price rise limited by Trend Line resistance.
Descending wedge formation rise possible if price can maintain path with volume. Volume needed to minimise possible PT up to this point.
RSI moving above 45, grey line, with conviction shows path of least resistance upwards.
Descending wedge formation rise possible if price can maintain path with volume. Volume needed to minimise possible PT up to this point.
RSI moving above 45, grey line, with conviction shows path of least resistance upwards.
Comment:
5Min shows a sad volume story....
"Volume precedes price" & we definitely had volume within the last hour.
....but what has changed to break the Trend line, with the 50MA converging to provide a wedge formation.
Time would be well spent watching market in this period, not trading....rebound is example of that.