BTC BREAKING POINT - NEED TO WATCH FOR THIS SUPPORT LEVEL
Afternoon once again fine folks. Quick and dirty, here is what I'm looking at these days on the BTC charts.
We've had quite a few nice hours of rest and accumulation from the most recent steep sell offs. This can only last for so long and we are quickly approaching the tipping point where bulls and bears must ultimately choose which direction to head. That level being the 6400 level which we've touched before, would be our double bottom, and it would make sense for us to bounce off of this again. However, as you can see from the volume, it is very much increasing quickly on the sell side, and if we are unable to hold the 6400 level, much more hurt is yet to come.
I've draw in some short term down trend channel lines in orange and dark red. These would be our targets in the very short term. Our orange trend line is a weaker line as we've dipped below it quite a few times already. If the market respects this trend line, I could only realistically expect some accumulation there to which we can re-evaluate if we get there. Having said that, I still have my targets set between the 5800-6000 range where I would feel more comfortable. It has been a very indecisive road with lots of pent up sell side pressure. I'd shoot for a bounce at the 6000 range, with quick stop losses dipping below 5800. Pretty much anything below this level will be no mans land, as they are levels we blew past in 2017 without much time to fill in our charts.
Expect some choppiness and do protect your capital to the best of your ability! Expect a big spike in volume very soon, to break us out of this accumulation phase.
You're responsible for your own choices, and this is my own personal analysis; there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
We've had quite a few nice hours of rest and accumulation from the most recent steep sell offs. This can only last for so long and we are quickly approaching the tipping point where bulls and bears must ultimately choose which direction to head. That level being the 6400 level which we've touched before, would be our double bottom, and it would make sense for us to bounce off of this again. However, as you can see from the volume, it is very much increasing quickly on the sell side, and if we are unable to hold the 6400 level, much more hurt is yet to come.
I've draw in some short term down trend channel lines in orange and dark red. These would be our targets in the very short term. Our orange trend line is a weaker line as we've dipped below it quite a few times already. If the market respects this trend line, I could only realistically expect some accumulation there to which we can re-evaluate if we get there. Having said that, I still have my targets set between the 5800-6000 range where I would feel more comfortable. It has been a very indecisive road with lots of pent up sell side pressure. I'd shoot for a bounce at the 6000 range, with quick stop losses dipping below 5800. Pretty much anything below this level will be no mans land, as they are levels we blew past in 2017 without much time to fill in our charts.
Expect some choppiness and do protect your capital to the best of your ability! Expect a big spike in volume very soon, to break us out of this accumulation phase.
You're responsible for your own choices, and this is my own personal analysis; there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
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