It is clear that BTC was trending downward last few days. The market made Lower Low and Lower High indicates the bearish market. The question is will this trend continues?
The price made its correction and traders will likely notice the price reached the key resistance area (12000-13000). These are rounded numbers, which also give more significance to this resistance. We know that resistance is the major level where the buyers become sellers and new sellers step in.
The price went up last few days and those buyers are going to lock their profits and that resistance is the best zone to do. Moreover, sellers who are looking to make their profits going to place their orders. Moreover, last two bars clearly shows that the buyers do not have much power any more. Today’s doji bar indicates that. In addition to that, if we check BTC 4H chart, we see the Gartley. This pattern was already formed and hit the entry point of 127% extension of AB leg. This pattern increases the probability of this setup and I am going to short this.
To summarize, the structure level and price action analysis provides the good opportunity, and I will make the sell order on BTC. It is more likely that the sellers will get control of the price. First target is structure low at $9500, and second target level is $7000.
The price made its correction and traders will likely notice the price reached the key resistance area (12000-13000). These are rounded numbers, which also give more significance to this resistance. We know that resistance is the major level where the buyers become sellers and new sellers step in.
The price went up last few days and those buyers are going to lock their profits and that resistance is the best zone to do. Moreover, sellers who are looking to make their profits going to place their orders. Moreover, last two bars clearly shows that the buyers do not have much power any more. Today’s doji bar indicates that. In addition to that, if we check BTC 4H chart, we see the Gartley. This pattern was already formed and hit the entry point of 127% extension of AB leg. This pattern increases the probability of this setup and I am going to short this.
To summarize, the structure level and price action analysis provides the good opportunity, and I will make the sell order on BTC. It is more likely that the sellers will get control of the price. First target is structure low at $9500, and second target level is $7000.