Hello Traders,
In this chart, I attempt to find some entry/exit points during this short term downtrend we seem to be in. The long-term trend line was drawn from the big surge in April, where I believe the new bull market began. To reiterate, I believe we are in a long-term uptrend with a short-term downtrend as the market consolidates and profits are taken.
We have some light support around the 7600 level, so I'd be looking to buy around there with a stop loss set to 7000. If the price falls below the long-term trend line, there is no telling how far low it can go.
As for profit, look to around 8100 for profit taking in this trend. Every surge we have had close to that has been on low volume. There is just no strength for BTC to go higher at this point. Look at how much volume is in the selling versus the buying. It is clear who has the field right now.
Good luck and happy trading!
In this chart, I attempt to find some entry/exit points during this short term downtrend we seem to be in. The long-term trend line was drawn from the big surge in April, where I believe the new bull market began. To reiterate, I believe we are in a long-term uptrend with a short-term downtrend as the market consolidates and profits are taken.
We have some light support around the 7600 level, so I'd be looking to buy around there with a stop loss set to 7000. If the price falls below the long-term trend line, there is no telling how far low it can go.
As for profit, look to around 8100 for profit taking in this trend. Every surge we have had close to that has been on low volume. There is just no strength for BTC to go higher at this point. Look at how much volume is in the selling versus the buying. It is clear who has the field right now.
Good luck and happy trading!
