There are a lot of similarities between our price action in the last 12 hours and the price action which led to the dump on Feb 24th. Namely:
Breakthrough of resistance ($4,100) with volume.
Beaten down below resistance.
Lack of immediate attempt to breakthrough again or subsequent buyside pressure.
Consistently lower closes.
Descending volume also looks short-term bearish. I believe there is a very strong probability that we see a retest of $4,000 in the coming hours. I took profit and am currently ready to re-enter after we retest our supports.
Breakthrough of resistance ($4,100) with volume.
Beaten down below resistance.
Lack of immediate attempt to breakthrough again or subsequent buyside pressure.
Consistently lower closes.
Descending volume also looks short-term bearish. I believe there is a very strong probability that we see a retest of $4,000 in the coming hours. I took profit and am currently ready to re-enter after we retest our supports.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.