We are experiencing a compression in market, Low volatility and no clear direction. I am expecting a breakdown or a break out depending on the direction the market springs out. According to the chart we are looking at a 51/49 % based on statistical probability of a breakdown being the 51%.
Since this is a longer term decline that has lasted over a year we are in a descending wedge formation we are leaning more on the breakdown to be a bit more possibly 60% probability to the downside. The best way to trade this is to short the breakdown or long the break out, Until we see a clear direction I would be neutral and caution your positions. If your trading you might want to scale in once you see the move breaking above $6,500 and build shorts under $6,300.
The price will react according to the demand and it seems there is very low volatility will allow bot trading and whales to move the market as they please. Be cautious and smart. Always use stop losses, and protect capital.
Best regards, If you enjoy this chart drop a like and a share! :)
Since this is a longer term decline that has lasted over a year we are in a descending wedge formation we are leaning more on the breakdown to be a bit more possibly 60% probability to the downside. The best way to trade this is to short the breakdown or long the break out, Until we see a clear direction I would be neutral and caution your positions. If your trading you might want to scale in once you see the move breaking above $6,500 and build shorts under $6,300.
The price will react according to the demand and it seems there is very low volatility will allow bot trading and whales to move the market as they please. Be cautious and smart. Always use stop losses, and protect capital.
Best regards, If you enjoy this chart drop a like and a share! :)
