The market loses momentum near the 12000.0 level; the volumes are falling which suggests that bulls are waiting for the retracement to buy cheaper.
Retracement level that does not violate the bullish scenario ends at the 10000.0 level (approximately 61,8% of the last uptrend impulse 9300.0 - 11700.0).
So, if the buyers will come back on the Trend Lines or at least near the 10000.0 level (volumes will jump up as well), then there is a reason to consider further uptrend and testing of the Neckline resistance. Otherwise, I would consider a prolonged lateral movement in the 9000.0 - 12000.0 corridor.
Retracement level that does not violate the bullish scenario ends at the 10000.0 level (approximately 61,8% of the last uptrend impulse 9300.0 - 11700.0).
So, if the buyers will come back on the Trend Lines or at least near the 10000.0 level (volumes will jump up as well), then there is a reason to consider further uptrend and testing of the Neckline resistance. Otherwise, I would consider a prolonged lateral movement in the 9000.0 - 12000.0 corridor.
Note
Note
Screenshots of order books:s10.postimg.org/eu1ygki61/Bittrex_OB.png
s10.postimg.org/akx8ee76x/Binance_OB.png
s10.postimg.org/oell3gf7t/Poloniex_OB.png
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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.