Bitcoin continues to struggle with the $9,600 - $9,500 area. As visible on the daily chart, this is not only where horizontal resistance lies, but also where the former mid-term uptrend line is situated. Bulls are unable to surpass this extremely saturated indicator-wise zone and the decreasing volumes are not helping. Looking at the 24-hour volumes they climbed up to $29 billion on Monday and Tuesday but went back down to $23 billion today, so slightly lower.
I remain bullish overall, BUT as commented yesterday bitcoin is still in a local downtrend until $9,700 is broken. This is 4-h chart:
I'm not adding longs here as its too risky and we can see a short-term reversal - we are extremely close to the major resistance/support lines. Shorting is a gamble as well because even a drop to $8,700 can easily be attributed to a healthy pullback rather than ca change in trend.
@nusratjahan, I'm glad if my charts helped you build your strategy
AboveDuality
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Agree long's is bit risky bro!
FutureBlockchain
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@AboveDuality, Indeed, thanks mate - this is one very interesting chart - never seen such view before to be honest
AboveDuality
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@FutureBlockchain, that's based on Wiliam Ganns Study, i'm glad you found it interesting! Acoording to Gann method shows the road for asset in price and time. When price enters in new support/ resistance claster you can predict where the levels of interest are. But anyway its recommended to use with other confirmation idicators, as it dont gives direction but shows areas of interest.
FutureBlockchain
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@AboveDuality, Thanks for the info, I will have to check it in details, but surely gives an interesting view
AboveDuality
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@FutureBlockchain, my pleasure, don't hesitate to ask i got books to share -__-
FutureBlockchain
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@AboveDuality, sure thanks man. I will be looking out for more of your chrts as well