As you can see if you draw the correct support and resistance
lines it will make sense in times like this why price is not moving. Bitcoin
is stuck between strong support and resistance
, but it has tried to make it out of resistance more so than tested support. Imagine yourself trapped in a small space and trying to get out by punching above your head but it does not break, you kick below but it does not break either, however one of the two areas is showing weakness what would you do? You continue to work on the area that seems like it may break. BTC
is doing the same, the most logical area of scape, for now, is the floor, why? Because of the death cross, you can only do so much before the weight of the death cross also breaks the floor/support. It is atypical for us to be where we are now. Price is being kept up artificially so that other buyers bite and lose more money. The point of this game is to get you to put money in so you create liquidity so that the exchanges/whales that drove the price up can exit with some profit. What is the best move here? To wait, if you have not entered yet wait for the price to drop
and if you are in, set a good Stop Loss and don't mess with it.
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NOW, THE LEGEND;
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.