BTCUSD - Play the cash channel!
The price of bitcoin has been trading very technically!
The price went up to test 11.2K and was rejected by the resistance ( golden ratio, rising channel resistance ).
Now the price has fallen to previous support / bottom of the channel at the next 0.618 golden ratio. The price move down did not subject to massive volumes - This could mean that the bulls are not willing to buy at the previous levels (upper 10K-lower 11K) (thin order books). so when the bulls enter, would the price just as easily go up? probably not because I suspect there will be a lot of "market maker" short offers waiting around 11K.
Keeping in mind this could be a local support, but please consider - rising channels break down after a couple of bounces off the support channel. Keep an eye for any bullish volume to come in for a long entry, otherwise hang back and wait for better prices.
Cheers happy trading :)
The price went up to test 11.2K and was rejected by the resistance ( golden ratio, rising channel resistance ).
Now the price has fallen to previous support / bottom of the channel at the next 0.618 golden ratio. The price move down did not subject to massive volumes - This could mean that the bulls are not willing to buy at the previous levels (upper 10K-lower 11K) (thin order books). so when the bulls enter, would the price just as easily go up? probably not because I suspect there will be a lot of "market maker" short offers waiting around 11K.
Keeping in mind this could be a local support, but please consider - rising channels break down after a couple of bounces off the support channel. Keep an eye for any bullish volume to come in for a long entry, otherwise hang back and wait for better prices.
Cheers happy trading :)
Smart Crypto Association [ SCA ]
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.