BTC:USD has shown very little strength after the massive uptrend from 3K to 10K After hitting the top at 13K volume has continuously declined, a very clear sign of the uptrend losing momentum Then a Triple Top formed, a very bearish sign as it means Bitcoin is no longer rallying and bulls can't continue pushing the price up.
This coupled with going below the Ichimoku cloud and the 24 MA means we probably have already hit the top of this trend and now a reversal is coming towards lower prices.
Another confirmation is that the MACD is showing a bearish crossover on the 4 hours, 1 day and 1 week time frames.
Based on all this I have opened a short position at $9984, as I believe 10K will be switched from support to resistance and the price of BTC USD will begin a downtrend for the Short term.
A falling volume doesn't have to mean an incoming downtrend. I think it's market indecisiveness. The BTC price has been meandering ever since it spiked to 13.5k.
Traders are cautious and awaiting a direction, which could be either a new uptrend or a downtrend.
Personally I think it'll be up before next year may, as the halving is coming. I don't believe we will have an absolutely massive downtrend anymore. And if so, certainly not long-term.
UnknownUnicorn2876186
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@TristanWeber, I don't mean falling volume as an indicator for an incoming downtrend it just shows the lack of strength of the previous uptrend.
Cryptoalchemi
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Geez kid did you just start charting. You're all missing the support
majic92
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traders have speculated bakkt and halving, you knowing the deal, buy the rumor sell the news, i think the clear tendance will be for 2020 after halving.
UnknownUnicorn2876186
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@majic92, Yeah, there was a lot of talk about BAKKT opening the floodgates for institutional money that would pump BTC to 20K or more, but it didn't really play out like that
Traders are cautious and awaiting a direction, which could be either a new uptrend or a downtrend.
Personally I think it'll be up before next year may, as the halving is coming. I don't believe we will have an absolutely massive downtrend anymore. And if so, certainly not long-term.