BTCUSD - Failed breakout - Now trying to break down
I've been watching BTC since we've been in this price acceptance range. A lot of volume has traded in this range since even the end of November. We've seen liquidity hunts to both the upside and downside frequently.
This is perfect bear market price action and it reminds me of late 2018 in a big way.
This recent breakdown is much different than the previous breakdowns, though. Notice the channel expansion that I've been discussing for weeks. We are now below the channel expansion (in white).
It would not surprise me if we got back up above the channel by EOD, but if we don't, we could see a very fast selloff. Probably fast enough that you won't be able to get a good position. I'd trade very carefully here. What was once a good trade setup for a long position is no longer valid.
Protect your capital and ensure you have stop losses in place. Also, don't play with high leverage. That's dangerous. Cross-Margin can be tricky and even more dangerous since you may experience slippage if liquidity disappears.
This is perfect bear market price action and it reminds me of late 2018 in a big way.
This recent breakdown is much different than the previous breakdowns, though. Notice the channel expansion that I've been discussing for weeks. We are now below the channel expansion (in white).
It would not surprise me if we got back up above the channel by EOD, but if we don't, we could see a very fast selloff. Probably fast enough that you won't be able to get a good position. I'd trade very carefully here. What was once a good trade setup for a long position is no longer valid.
Protect your capital and ensure you have stop losses in place. Also, don't play with high leverage. That's dangerous. Cross-Margin can be tricky and even more dangerous since you may experience slippage if liquidity disappears.