Bitcoin - Distribution or Re-accumulation?
Updated
Hi traders,
I hope all is going well with everyone.
Bitcoin is currently in a trading range (sideways trading) for the past 10 days - trading between $8200 ( supply zone ) and $7050( demand zone ). I can see some major signs of weakness that Bitcoin price is showing.
For example, the major rally from $7200 to $8100 with volume strength but prices failed to make any new highs and bitcoin, therefore, fell to $7400.
For now, it is fair to say that bitcoin will correct to $7700.
Again, we need more volume and price action data to confirm if this is a distribution or re-accumulation.
Best of luck and have a great weekend: )!
- Abdulla
I hope all is going well with everyone.
Bitcoin is currently in a trading range (sideways trading) for the past 10 days - trading between $8200 ( supply zone ) and $7050( demand zone ). I can see some major signs of weakness that Bitcoin price is showing.
For example, the major rally from $7200 to $8100 with volume strength but prices failed to make any new highs and bitcoin, therefore, fell to $7400.
- Current support is at $7450 (marked in green)
For now, it is fair to say that bitcoin will correct to $7700.
Again, we need more volume and price action data to confirm if this is a distribution or re-accumulation.
Best of luck and have a great weekend: )!
- Abdulla
Note
I can see some selling pressure coming in Note
Note
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