Basically, yes, it is. On the one hand, the price has broken the resistance at 7900$; on the other hand bulls did so with low volume, taking many days to jump at 8100$ and now it is stuck again, rejected by the BB-20 SMA (about 8200$). A do or die move is needed, otherwise it could test supports way below the current price: 7200$ may be on the cards, at least. The turning point is certainly given by BB 20 SMA: if that level is crossed, then, on the opposite side, 9000$ may not be that impossible. Take also a look at the amount of short orders, as they're increasing: hopefully, in a 50/50 scenario, SLs at 8400$ and above may provide some fuel to bulls. If you are long, you may try to set a tight stop loss in a range between 7700$ and 7800$.
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.
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.