BTCUSD Still not out of the downtrend March 2nd 2022
Updated
BTCUSD is not yet out of the down direction, and the volume has not picked up much, look at the black parallel lines average volume over the volume bars at the bottom.
The green arrow is the point where once it overcomes the dark pink rectangle it would be out of the downtrend and the beginning of an upward trend if volume increases to the positive side.
Also the red parallel line within the rectangle is where it has accumulated the most volume across the board.
It is in an uptrend within a major down trend and one must be cautious as there is no enough volume yet to push it out of the major downtrend.
The dark pink rectangle is an area of strong resistance and one must be cautious.
The outer thick green channel is the route it should take coming out of the major downtrend.
The green arrow is the point where once it overcomes the dark pink rectangle it would be out of the downtrend and the beginning of an upward trend if volume increases to the positive side.
Also the red parallel line within the rectangle is where it has accumulated the most volume across the board.
It is in an uptrend within a major down trend and one must be cautious as there is no enough volume yet to push it out of the major downtrend.
The dark pink rectangle is an area of strong resistance and one must be cautious.
The outer thick green channel is the route it should take coming out of the major downtrend.
Trade active
The line downward underneath the green arrow going down is a little bit off it should touch the low of Feb 27th 2022 to touch the tip of the green arrow.Trade active
It should fine support at 41103 today and tomorrow at 42082, and turn back upwardsComment
March 24th. 2022, Just to remind you after several weeks BTCUSD is still in a major DOWNTREND and that BTCUSD is approaching the border of a LONG TERM DOWN TREND (black LINES CHANNEL) and that the green upward channel it an up channel still inside the long term down trend and last but not least there has not been a major improvement in volume, as a matter of fact if you look at the black average volume line it is going down as BBTCUSD is going up.
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