BTC DAILY: Red Candle THEORY!
Updated
*******Warning the following text is NOT for the faint of heart. If you have a medical condition, please click away NOW!**********
I believe the red candle identifies the indecision in the price action. Prices above the Point of Control have been shot down in recent weeks. I have to lean BEAR because that candle's lower wick is longer than it's topping tail where price attempted to probe lower than it did higher. The following day was negated by the days after. And, of course, there is the possibility of trading right through the orange solid trendline, but I think we are going to have our answer to this question soon! I have been thinking, if we trade through the orange trendline, I may be as bold to believe this is bottom for BTC and watch it closely thereafter for an entry.
I do not have a position in BTC, but if I did, I would be a bit weirded out right now. Good luck to everyone, Long and Short!
"And that's all I am gonna say about that" -- Forrest Gump (1994)
Best,
Biff
Note
Note the lack of volatility in the prior days. This looks like a volatility squeeze in the making. The volume is drying up as well!Best,
Biff
Note
Price is seeking lower prices. It could be time!
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