Bitcoin - trapped in a small triangle, it has to exit soon
Bitcoin is trapped in a small triangle, supported by an old trendline and the 200MA, and currently being rejected by a weeks-old resistance line. It is running out of space and a decision has to be made very soon. Also, the volume is dipping down again which indicates that buyers are still sitting on the sidelines waiting for a clear direction. At this point, it is obvious what will be considered "Clear Direction" a break above the white line means that old resistance has been broken, a break below the resistance line and 200MA means we are going down a lot. This is the clue here; If so many days go by and price can't clear resistance you close your trade and keep your money safe.
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So where are we stuck?
As you can see in the 6H chart we are stuck around the 38% retracement point. Usually, this is not a place for long rests, but we have been here now for a few days, this would be a red flag for me. If I was going in for the short term I would pull out and wait for BTC at the 50% or 61.8% and place my trade there.
This is the long term view, here you can see that we have been trapped between two moving averages, the 20MA in green and the 50MA in Orange. There are small clues pointing to a down move but nothing too clear, therefore always trade like a nervous cat, if anything looks out of place close the trade and move to safety.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
Learn Technical Analysis in realtime, please hit like, follow me and leave a comment.
So where are we stuck?
As you can see in the 6H chart we are stuck around the 38% retracement point. Usually, this is not a place for long rests, but we have been here now for a few days, this would be a red flag for me. If I was going in for the short term I would pull out and wait for BTC at the 50% or 61.8% and place my trade there.
This is the long term view, here you can see that we have been trapped between two moving averages, the 20MA in green and the 50MA in Orange. There are small clues pointing to a down move but nothing too clear, therefore always trade like a nervous cat, if anything looks out of place close the trade and move to safety.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
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