BTC/USD - RE-TEST OF LOW 3K? BREAKING BULLISH? WILL 3K HOLD?
Updated
Good morning fellow traders and speculators. We are currently at a strong resistance line that goes back from ATH.
So far we have minimum volume, why is that?
Was capitulation from 6k all the way down to low 3k? Many would argue, yes, that was capitulation. In my honest opinion, BTC isn't out of this bear market yet, i could be wrong, im not calling bottom or bullish trends here. I'm merely stating what i see occurring in the space. ETF or no ETF, i doubt it makes a bullish or bearish count, although, many were hoping for an ETF approval to run bullish. I have a few theories on why there's low volume and hardly any price action. Something is brewing up, and it will happen very soon. The lack of volume could be that NO ONE wants to sell BTC at these levels, i mean, why would you sell at such low levels, right? Or maybe, there's no buyers because they have a feeling this bear market will push the price even lower? Hmm, many scenarios on why there's low volume, no buyers, not many sellers, right? I could be wrong, i would be interested in your thoughts, personally, i believe we will re test the low 3ks again before we change directions, if low 3ks doesn't hold, we could see a new yearly low for BTC. Aside from what i just typed here for all of you, i am currently seeing the same price action we saw at 6k with hardly any movement and we all know how that ended, be safe out there! I am not trading these areas until i get a confirmation with volume to the upside. Trade safe out here!
Feel free to post a comment of your own opinion and if you found my idea insightful in any way please like the post!
So far we have minimum volume, why is that?
Was capitulation from 6k all the way down to low 3k? Many would argue, yes, that was capitulation. In my honest opinion, BTC isn't out of this bear market yet, i could be wrong, im not calling bottom or bullish trends here. I'm merely stating what i see occurring in the space. ETF or no ETF, i doubt it makes a bullish or bearish count, although, many were hoping for an ETF approval to run bullish. I have a few theories on why there's low volume and hardly any price action. Something is brewing up, and it will happen very soon. The lack of volume could be that NO ONE wants to sell BTC at these levels, i mean, why would you sell at such low levels, right? Or maybe, there's no buyers because they have a feeling this bear market will push the price even lower? Hmm, many scenarios on why there's low volume, no buyers, not many sellers, right? I could be wrong, i would be interested in your thoughts, personally, i believe we will re test the low 3ks again before we change directions, if low 3ks doesn't hold, we could see a new yearly low for BTC. Aside from what i just typed here for all of you, i am currently seeing the same price action we saw at 6k with hardly any movement and we all know how that ended, be safe out there! I am not trading these areas until i get a confirmation with volume to the upside. Trade safe out here!
Feel free to post a comment of your own opinion and if you found my idea insightful in any way please like the post!
Note
Here is a closer look, we are currently facing this line of resistance, the bulls have been holding strong but have yet pushed and closed the price above this line. Bears are in sight, this is a no trading zone for me.Note
On the 1HR chart, you can see how strong the resistance line is, now, we broke on the hourly candles, but, on low volume, we must sustain price above this line to continue the bullish momentum, could this be a trap? Hmm not sure, i cant confirm, we must see how the daily closesNote
Note
Here's a current formation on the daily, could be bullish, could be bearish, what do you think?Note
Bulls have been holding this support line very well so far, how much longer can they hold it? Note
Do we go up from here or do we fail and break down? Bulls are not able to move the price higher, could they be exhausted? Are bears in control?Note
I also see this formation, thoughts?Note
Why sell at these prices right? Bulls were speculating and learned that the delling declined ;DNote
GG
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