Bear Break Imminent
Since my last BTC update I've been feeling more and more bearish. It could be good old market mind games, but right now the price is hugging the lower end of the range.
Usually when the price gets dragged like this towards a trend line, a break of the trend line is imminent. So I'm watching for a break to the downside, and I'm still watching the volume looking for a spike.
If we do break down I don't think we'll go all the way to the bottom of the bigger range, because that would be too predictable. And if we do test the bottom of the range I think we'll break it and go even lower. Make sure you have your target and your stop price in mind before opening any positions.
Anyways this was just a quick update. Good luck!
I do technical analysis because I enjoy imagining what could happen. I like sharing my ideas to help others improve their own unique approach to trading. I personally don't put real money on the line based on this. Please see my signature for info about how I make actual trading decisions.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
Usually when the price gets dragged like this towards a trend line, a break of the trend line is imminent. So I'm watching for a break to the downside, and I'm still watching the volume looking for a spike.
If we do break down I don't think we'll go all the way to the bottom of the bigger range, because that would be too predictable. And if we do test the bottom of the range I think we'll break it and go even lower. Make sure you have your target and your stop price in mind before opening any positions.
Anyways this was just a quick update. Good luck!
I do technical analysis because I enjoy imagining what could happen. I like sharing my ideas to help others improve their own unique approach to trading. I personally don't put real money on the line based on this. Please see my signature for info about how I make actual trading decisions.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
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