Volume is being held on the buy side, but I do see it weakening fast, I am watching for a possible drop down to low 17k BITFINEX:BTCUSD area then a continuation upwards, Volume has been declining throughout the exchanges but Bitcoin has a habit of kicking it into gear when everyone least expects it. A drop here to mentioned levels is not that out of the ordinary, so no panicking from me only money and excitement. :) We sit at the bottom of the Bollinger on the 15 minute but need more wiggle room down on the higher time frames, so I expect a small rise then test downward. Watch the volume indicators for your Jedi predictions on reversal.
We are seeing lots of sideways action lately so that tells me the market is in anticipation mode with still some uncertainty on this next coming week. ;)
I am marking this as long simply because these small drops mean nothing to me now as I am bullish for the month and only view these fluctuations as entry points. If I were to trade this then I would set my stop loss at $16,900 (below the ichi cloud on the 15) in case of further breakdown. Again watch the volume for early bounces.
So we can go long now ? Why did you close your trade when it broke out ? So you where shorting ?
I am newbie. Thanks for your charts.
Nick_Core
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@mytechshout, I closed it because it was an update on the small drop and sideways action for the day. It played as shown so I closed the idea not so much the trade, I've been long on btc but as a day trader I play the short term channels and analysis.
mytechshout
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@crypto_core, Ok great. Thanks for your quick reply :-)
I am newbie. Thanks for your charts.