Here's a quick look at BTC 4 hr chart. The price has been oscillating in the rising channel for a while now. The rising channel is very important to uphold for continuation. Furthermore the price has been forming a diamond formation, and the price action is at the apex of the diamond at the moment of writing this post. We will soon see a bigger decisive move.
One thing to note is that the volume has been decreasing while the price has increased. Thats a bearish sign. Another point to take in concidaration is that the stocks like S&P 500 is down - that only adds more bearish sentiment.
If BTC breaks to the upside with good volume, then the target is 66k, and if the price action breaks the rising channel to the downside, then we are looking for some support at 51k and the 47k level.
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BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
One thing to note is that the volume has been decreasing while the price has increased. Thats a bearish sign. Another point to take in concidaration is that the stocks like S&P 500 is down - that only adds more bearish sentiment.
If BTC breaks to the upside with good volume, then the target is 66k, and if the price action breaks the rising channel to the downside, then we are looking for some support at 51k and the 47k level.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
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