In the image included in this publish, I have sketched resistance and support lines along with two trend lines. If we keep on trading sideways, the trend is not changing, it might be in December that we will have an evidence of what the market is doing. Will it break out and rise or will it go to its next support lines?
The Trend lines forming a triangle is...
Hello and welcome back to a quick update from my previous post.
I will start the article by listing any changes made from previous chart, followed by my conclusion.
Below the conclusion I will try to "defend" my conclusion and go more into details for those who are interested in: the why.
Finishing off with the China News...
The Highs A, D did not exceed the general dynamic resistance expressing a downward trend. At this time in correspondence with C, a Double Top can also be noticed, which has actually triggered the current downward.
The probable downward race towards D for a new fall to lower levels.
BTC Break down of the triangle.
Soon A good opportunity to enter.
BTC downward movement towards 8.1K Euro ÷ 7.6k Euro.
An adjustment that breaks down the horizontal movement that had lasted for days.
The market will prepare for the next rebound.
Wait for confirmation of the next supports at lower levels to enter BUY (8.1K Euro ÷ 7.6k Euro).
BTC EUR, It goes down a few more points.
An opportunity for those who open in Short on Day Trading.
New hidden bearish divergence on the Time Frame at 45m. A sign that we are most likely close to a further drop of a few more points, it would also be in line with the decline in the Capitalization of BTC and the Trend.
We will see over the next few hours.
Are we close to the distribution phase?
I believe that by now we have reached the final stage of distribution that has lasted for days and the head shoulders (inside the distribution channel) seem to confirm the general reading.
Today also a hidden bearish divergence on the oscillators.