After my SL was hit few days ago, I have been thinking when I should enter a position again. From the TA analysis, I think the temporary price increase to 6527 for BTC is a bear trap because:
- Price increases slightly (circled as red) but volume by price has been decreasing.
- MACD (blue) is lower than the signal (red) - bearish signal.
- CCI Is -143 at the time of writing - again bearish signal.
Together with the fact that, bitcoin futures is going to expire at the end of June, it is very possible that BTC can hit the major resistance (circled as blue).
Until there are more bullish signs or good news, I don't think it is a good time to enter the market by now.
Please give a thumbs-up if you like this analysis. Your feedback is welcome.
- Price increases slightly (circled as red) but volume by price has been decreasing.
- MACD (blue) is lower than the signal (red) - bearish signal.
- CCI Is -143 at the time of writing - again bearish signal.
Together with the fact that, bitcoin futures is going to expire at the end of June, it is very possible that BTC can hit the major resistance (circled as blue).
Until there are more bullish signs or good news, I don't think it is a good time to enter the market by now.
Please give a thumbs-up if you like this analysis. Your feedback is welcome.