BTC Update: Where does it go from here?
Note: All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in these markets tend to get hurt the most.
Observations:
I still believe BTC is in an overall downtrend, at least until it breaks above trendline B. (Reference 1D for better clarity).
Price finally broke out of downtrend line A, which began on November 7th of this year. Trendline A is the smaller trend within the larger trend (B & C).
Look at the strength of the buying volume before & after the breakout. This is generally a good sign and tells me that it is probable that we will see price continue moving up.
Even with the above sign, volume has declined significantly since the breakout. This indicates to me that we will soon see a sharp move, which may either be up or down
If price breaks above the top of the breakout we just experienced, I picture price continuing towards trendline B, as it is the top of the current downtrend on the 1D interval.
If the price begins to fall, I believe we will see price reach trendline A and experience some resistance there. If that fails to hold, I wouldn’t be surprised to see it reach as far as trendline C.
Thank you for reading,
Have a nice day!
Observations:
I still believe BTC is in an overall downtrend, at least until it breaks above trendline B. (Reference 1D for better clarity).
Price finally broke out of downtrend line A, which began on November 7th of this year. Trendline A is the smaller trend within the larger trend (B & C).
Look at the strength of the buying volume before & after the breakout. This is generally a good sign and tells me that it is probable that we will see price continue moving up.
Even with the above sign, volume has declined significantly since the breakout. This indicates to me that we will soon see a sharp move, which may either be up or down
If price breaks above the top of the breakout we just experienced, I picture price continuing towards trendline B, as it is the top of the current downtrend on the 1D interval.
If the price begins to fall, I believe we will see price reach trendline A and experience some resistance there. If that fails to hold, I wouldn’t be surprised to see it reach as far as trendline C.
Thank you for reading,
Have a nice day!
Penafian
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