From the chart, we see that we breached the longterm trend line. It could be a sign that we are going further down in a few days, or that it was a false break down.
However, typically on the past 2 crashes, we were following with strong buying volume as pointed out by blue arrows. Today there was not much buying volume as i would like.
I wouldn't place any long orders until we are clear above 10k and above our long term trend line.
I will update this idea if i get 5 likes.
However, typically on the past 2 crashes, we were following with strong buying volume as pointed out by blue arrows. Today there was not much buying volume as i would like.
I wouldn't place any long orders until we are clear above 10k and above our long term trend line.
I will update this idea if i get 5 likes.
Note
Bitcoin is sitting on the trend line currently. Still no short or long positions to be opened at the moment.Note
Bitcoin is looking heavy. Lets hope bitcoin can hold its previous low forming a double bottom. If not bitcoin is likely to fall to the 6k levels.
Note
Still no buying volume, looks like we might touch down to the 6k levels.
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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.