The Bass Drop is Imminent!! BTC/USD
Updated
Well howdy doo y’all!
Well dang nabbit, in a shocking turn of events, the bulls decided to take the initiative as we closed in on our level of resistance @$6,630 and have caused a small rally up to $6,900. This is not long lived though. This was a weak move by the bulls and a potentially large and hard correction is coming.
The way I have determined that conclusion was due to the ever declining volume levels. This rally was made with small numbers and follows a continuing trend of declining volume levels. That is a bearish sign if I had ever seen one.
There is potential that there will be some push back at the $6,600 range, but nothing more than a bear flag formation I would assume.
Ultimately, I feel that it will drop to the $6,420- $6,490 range. However, I do not feel this will be an appropriate buy level unless you are looking for a quick turnaround with a fair bit of risk involved as I think our next stop after that will be $6,200. More information needed though.
Call: Short
Target: $6,420-$6,490 (need further information before determining if this is a buy level)
Stop Loss: (no specific price) Closes above the solid white line circled in green.
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))
Well dang nabbit, in a shocking turn of events, the bulls decided to take the initiative as we closed in on our level of resistance @$6,630 and have caused a small rally up to $6,900. This is not long lived though. This was a weak move by the bulls and a potentially large and hard correction is coming.
The way I have determined that conclusion was due to the ever declining volume levels. This rally was made with small numbers and follows a continuing trend of declining volume levels. That is a bearish sign if I had ever seen one.
There is potential that there will be some push back at the $6,600 range, but nothing more than a bear flag formation I would assume.
Ultimately, I feel that it will drop to the $6,420- $6,490 range. However, I do not feel this will be an appropriate buy level unless you are looking for a quick turnaround with a fair bit of risk involved as I think our next stop after that will be $6,200. More information needed though.
Call: Short
Target: $6,420-$6,490 (need further information before determining if this is a buy level)
Stop Loss: (no specific price) Closes above the solid white line circled in green.
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
Here is the tweaked pathway.
The solid red line represents the support for that rally. It should catch a little resistance until it lowers down to that level, but after that I am expecting a drop to around $6,750.
Call: Still short
Target: $6,750
Stop Loss: (no specific price) Closes above the solid white line with green arrows on it.
Note
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