dropping out of 8300 will signal a reversal to the downside
Trade closed manually
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Closing this out as BTC does not appear bullish currently , will reopen if situation changes. if the downtrend continues BTC can drop to 83xx , 7900 or retrace back to 6k
dont trade with 30 min to take long term decisions and patters..either use 1hr or 4hr..gives u perfect pattern...30,15 min for swing and small profit seeking traders who jump and run away in market..
mycotoxin
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@ghose12,Cheers that sounds good .
umairceo
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also volume is decreasing not increasing
umairceo
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I think its very difficult for btc to go up because the cup & handle broken down & also double top at 9k on 1 hour chart I think itll complete the double top pattern & start to gain some momentum from 7.8k or 8k levels
mycotoxin
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@umairceo, Yes but look at the weekly it has that doji at the bottom indicating a reversal ..although BTC needs to put in some overtime - But it can still become a reversal
umairceo
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@mycotoxin, thats a weekly candle which will complete in this week till then lots of room to go down :)
umairceo
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@mycotoxin, also when cup & handle dont work bullish price usually drops to bottom of the cup that is 7800 which is also last strong support from where it started going up also double top pattern will complete around same price so important level to look 8k 7.8k in few hours