There is something different this time on the 1-hour chart, It's working on higher high. there is much possibility that it will break upside.
But I truly believe that the volume is the soul of any chart. And that's what missing here. I think that big investor wants us to believe that BTC is dead and want to play with our fear.
1. If you are already in the long position you should HODL, it's not gonna go down more than 7000. I know it feels very frustrating, I was invested in it when (I had no Idea about technical analysis) it was all-time high around 18000 USD. And also saw 6000 level. I still believe that it will retest the 9000 level where you can liquidate your long positions because it is still bearish on the 1-week chart. And if you will analyze the google trend, you will see that interest in buying bitcoin is all time low. Looks like people is no more interested in buying bitcoin.
2. People who are looking to enter the market, well It's tested 7250 area 3rd time in the last 2-3 day. and looks like there is a strong support here but volume is not confirming it, so either you can wait for the volume or you can enter in the market with the strict stop losses just below the recent low, around 7200 with 1-2% risk.
Final words, This is not a financial advice these are just my thoughts analyze yourself before any action.
Anyway, will be eager to hear your thoughts on it, and ready for a discussion.
thank you.
But I truly believe that the volume is the soul of any chart. And that's what missing here. I think that big investor wants us to believe that BTC is dead and want to play with our fear.
1. If you are already in the long position you should HODL, it's not gonna go down more than 7000. I know it feels very frustrating, I was invested in it when (I had no Idea about technical analysis) it was all-time high around 18000 USD. And also saw 6000 level. I still believe that it will retest the 9000 level where you can liquidate your long positions because it is still bearish on the 1-week chart. And if you will analyze the google trend, you will see that interest in buying bitcoin is all time low. Looks like people is no more interested in buying bitcoin.
2. People who are looking to enter the market, well It's tested 7250 area 3rd time in the last 2-3 day. and looks like there is a strong support here but volume is not confirming it, so either you can wait for the volume or you can enter in the market with the strict stop losses just below the recent low, around 7200 with 1-2% risk.
Final words, This is not a financial advice these are just my thoughts analyze yourself before any action.
Anyway, will be eager to hear your thoughts on it, and ready for a discussion.
thank you.