Effective support around 6.5k level, hope some bullish.
Updated
This is very brief summary of current BTC market.
The small rallies after hitting 6.5k level has failed to break 7.2k level, quite strong resistance.
But still there's effective support around 6.5k level, it means that the long-term bullish trend line still works as a support line effectively.
The matter is trading volume. Every rally of last 2, 3 days failed due to too small volume of long position. One good thing is that the volume of short position also decreased.
Thus, brief summary of current market is ,
1) Please watch carefully until BTC price goes up above 7.2k(short-term) and then 7.6k(short, mid-term).
2) long-term bullish trend is still working(red bold line in the chart), quite strong support around 6.5 level.
3) trading volume is always a matter..the vulnerability of market is still large.. until the volume increases significantly..
So, only those whom love high risk and high return long BTC at this point, and for other guys, please keep waiting until the bearish flag pattern(refer my previous publication) is broken and price goes above 7.6k and supported.
The small rallies after hitting 6.5k level has failed to break 7.2k level, quite strong resistance.
But still there's effective support around 6.5k level, it means that the long-term bullish trend line still works as a support line effectively.
The matter is trading volume. Every rally of last 2, 3 days failed due to too small volume of long position. One good thing is that the volume of short position also decreased.
Thus, brief summary of current market is ,
1) Please watch carefully until BTC price goes up above 7.2k(short-term) and then 7.6k(short, mid-term).
2) long-term bullish trend is still working(red bold line in the chart), quite strong support around 6.5 level.
3) trading volume is always a matter..the vulnerability of market is still large.. until the volume increases significantly..
So, only those whom love high risk and high return long BTC at this point, and for other guys, please keep waiting until the bearish flag pattern(refer my previous publication) is broken and price goes above 7.6k and supported.
Trade active
Watch carefully current BTC price level.If it goes above 7.6k and being supported well, it's timing to enter.
I expect that this rally goes more than that level.
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