Down and up
This is my first publication so I am trying to have a little fun with it. As you can see we are in a downtrend.
This downward channel is dominated by lower highs. Our volume is currently lower compared to when the price was previously in the 60,000s.
I believe we will continue to come down further to potentially 52k. However a reversal in the mid 50s is not out of the question.
-The ADX indicator is showing consolidation on multiple time frames with bearish pressure dominating reflecting the lower highs inside this channel further pointing to a drop.
-The wick down to 56k was quickly bought up but its a lower lower in the channel . However, there is heavy resistance at 62000.
The best course of action to do currently is to sit this one out and wait for a more clear direction. However, if you have an itch up your butt to trade...a low leverage short at the top of the channel is a good idea.
This is not financial advice.
This downward channel is dominated by lower highs. Our volume is currently lower compared to when the price was previously in the 60,000s.
I believe we will continue to come down further to potentially 52k. However a reversal in the mid 50s is not out of the question.
-The ADX indicator is showing consolidation on multiple time frames with bearish pressure dominating reflecting the lower highs inside this channel further pointing to a drop.
-The wick down to 56k was quickly bought up but its a lower lower in the channel . However, there is heavy resistance at 62000.
The best course of action to do currently is to sit this one out and wait for a more clear direction. However, if you have an itch up your butt to trade...a low leverage short at the top of the channel is a good idea.
This is not financial advice.
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