The price of bitcoin has been trading very technically!
The price went up to test 11.2K and was rejected by the resistance ( golden ratio, rising channel resistance ).
Now the price has fallen to previous support / bottom of the channel at the next 0.618 golden ratio. The price move down did not subject to massive volumes - This could mean that the bulls are not willing to buy at the previous levels (upper 10K-lower 11K) (thin order books). so when the bulls enter, would the price just as easily go up? probably not because I suspect there will be a lot of "market maker" short offers waiting around 11K.
Keeping in mind this could be a local support, but please consider - rising channels break down after a couple of bounces off the support channel. Keep an eye for any bullish volume to come in for a long entry, otherwise hang back and wait for better prices.
Cheers happy trading :)
The price went up to test 11.2K and was rejected by the resistance ( golden ratio, rising channel resistance ).
Now the price has fallen to previous support / bottom of the channel at the next 0.618 golden ratio. The price move down did not subject to massive volumes - This could mean that the bulls are not willing to buy at the previous levels (upper 10K-lower 11K) (thin order books). so when the bulls enter, would the price just as easily go up? probably not because I suspect there will be a lot of "market maker" short offers waiting around 11K.
Keeping in mind this could be a local support, but please consider - rising channels break down after a couple of bounces off the support channel. Keep an eye for any bullish volume to come in for a long entry, otherwise hang back and wait for better prices.
Cheers happy trading :)
Smart Crypto Association [ SCA ]
