This is not an educational advice.
BTC is currently in a falling wedge pattern on the daily TF, the RSI is going towards a reset also, the probability of BTC going further down is likely possible due to very low volume trading for the past 48 hours, I believe we'll make another drop towards the 7800 before breaking out of the wedge. we're currently trading at an overall 18 billion 24 hour volume where as when we was at a bull trend we were seeing way higher trading volume, targeting buys again at 7800 for a run up with a stop loss below support
BTC is currently in a falling wedge pattern on the daily TF, the RSI is going towards a reset also, the probability of BTC going further down is likely possible due to very low volume trading for the past 48 hours, I believe we'll make another drop towards the 7800 before breaking out of the wedge. we're currently trading at an overall 18 billion 24 hour volume where as when we was at a bull trend we were seeing way higher trading volume, targeting buys again at 7800 for a run up with a stop loss below support
Trade active
BTC still looks like it will be going downwards unless we get a burst of trading volume, 24 hour trading volume currently is less than 5 billion , MACD looks like its about to cross on the hourly downwards . weekend usually has a lower trading volume.
Note
a simple look at the daily timeframe, RSI and daily trading volume tells you alot
Trade closed: target reached
RSI hit oversold TF from 1 minute to 6 hrs TF and were signalling buys at 7800, I would just put a stop loss up at breakeven or under the pervious low that was made in case we get another leg down to the 7500 , if it goes up from here adjust the stoplossNote
stoploss hit , got out of the trade moving on to the next at 7438
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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.