BTC Update - flop Channel theory
Wow, BTC had nice run-up over the weekend and managed to keep up over 11K mostly. This clearly suggests that the channel theory which many analysts were relying upon is now flop theory.
We mentioned about "double top" pattern in our early analysis and the BTC reversal due to double top support break, this double top reversal is still in play. BTC is gradually moving towards testing the "now" resistance line at 12K. Which will really be a big test.
I am still not convinced with the volume of this rally though ! but this reminds me of 2008 stock market crash and when market eventually started moving up with light volume that took us a long way... so lets see what happens at 12K.... could be a key turning point. I stay bearish until double top reversal is void.
We mentioned about "double top" pattern in our early analysis and the BTC reversal due to double top support break, this double top reversal is still in play. BTC is gradually moving towards testing the "now" resistance line at 12K. Which will really be a big test.
I am still not convinced with the volume of this rally though ! but this reminds me of 2008 stock market crash and when market eventually started moving up with light volume that took us a long way... so lets see what happens at 12K.... could be a key turning point. I stay bearish until double top reversal is void.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.