BitcoinLong
Having Fun on Trampolines! BTC/USD
Updated
Well howdy doo y’all!
I am confident that we are going to take a dip around to $6,450. I think that there will be a trampoline effect and we will rebound to around $6,900.
Why? Well I see there has been a decrease in volume over the past week. I think that the last run up was a bull trap as the volume movement was less strong than the bear movement right before it and now I think we are falling into a bear trap for the same reason. Price has continued to move lower despite the reduced volume. I think there is going to be a relatively large movement by the bulls to push back to the $7,000 range.
Going to keep a stop loss at around $6,300. Reason being that there is nothing really holding it up from dropping down to $6,000 at that point.
Remember don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
I am confident that we are going to take a dip around to $6,450. I think that there will be a trampoline effect and we will rebound to around $6,900.
Why? Well I see there has been a decrease in volume over the past week. I think that the last run up was a bull trap as the volume movement was less strong than the bear movement right before it and now I think we are falling into a bear trap for the same reason. Price has continued to move lower despite the reduced volume. I think there is going to be a relatively large movement by the bulls to push back to the $7,000 range.
Going to keep a stop loss at around $6,300. Reason being that there is nothing really holding it up from dropping down to $6,000 at that point.
Remember don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
Note
Alright so lets look at what happened. It seems that there was some resistance at the $6,600 range. It did pass below that as low as $6,515, but there was enough push back to keep it from the target area around $6,450. Now this target was very much alive even up until it reached the side of the resistance (green dotted line), but in an odd turn of events the bulls decided to take the initiative and decided to push for a small rally. I was active during this rally and got a piece of the pie. I decided to sell at the same target range I had already depicted, only it came sooner than expected.
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