This is a follow up on my previous post. We managed to break below our support from the wedge consolidation on the 15m timeframe and currently we find ourselves in a parallel downward channel. The fundamentals helped push the price lower in a short period of time as the indexes opened really low on the US session, and as we all know, for the past month or so, Bitcoin has been really correlated with their movements. As for the technicals, we just bounced off the lower descending trendline and we would like to see the price go further up to retest another potential higher low of the descending trendline as illustrated on the chart.
This is NOT a financial advice, trade at your own risk!
This is NOT a financial advice, trade at your own risk!
Comment:
Quick update. We just saw the market gain lots of bullish momentum on the first hour of the 4H candle and rejected off our descending trendline. However, this has me worried as we might actually break out upwards due to this increasing amount of buy pressure coming into play here. I have cancelled my short trades for now
Order cancelled