Hi Guys, MrBanker is here. 3 Months long decline has been broken with considerably high volume. The 2-day long bull flag was also succeeded with a decent volume. Now, it is time for a greater test to break the next support level.
Bearish case: If we observe a descent back to below 41k, in a short time, then it means the market doesn't have enough buying pressure to push the price above.
Bullish case: If we observe a trading range between 43k and 44.5k for a couple of days with a descending volume, then it means the market needs confirmation for an upward movement with high volume.
However, do not get fooled If the price reaches 45k all of a sudden, It might be due to the liquidation of the shorts. Wait for confirmation before opening a long position.
Trade Safe!
MrBanker
Bearish case: If we observe a descent back to below 41k, in a short time, then it means the market doesn't have enough buying pressure to push the price above.
Bullish case: If we observe a trading range between 43k and 44.5k for a couple of days with a descending volume, then it means the market needs confirmation for an upward movement with high volume.
However, do not get fooled If the price reaches 45k all of a sudden, It might be due to the liquidation of the shorts. Wait for confirmation before opening a long position.
Trade Safe!
MrBanker
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