Bitcoin Going Lower
BTC is currently trading around $57,939.8
The low volume on recent bounces suggests that the current upward movement may not be sustainable. The price is likely to face significant resistance around the $60,000 zone.
High Volume on the Bounce (Early May):
A significant bounce with high volume indicates strong buying interest, suggesting a possible short-term trend reversal at that time.
Low Volume on Recent Bounces (June and July):
Recent bounces are characterized by low volume, indicating weak buying interest and a lack of conviction in the upward move. This pattern aligns with the concept of a dead-cat bounce, where the recovery is temporary and often followed by a continuation of the downward trend.
Always consider your risk tolerance and investment strategy before making trading decisions.
The low volume on recent bounces suggests that the current upward movement may not be sustainable. The price is likely to face significant resistance around the $60,000 zone.
High Volume on the Bounce (Early May):
A significant bounce with high volume indicates strong buying interest, suggesting a possible short-term trend reversal at that time.
Low Volume on Recent Bounces (June and July):
Recent bounces are characterized by low volume, indicating weak buying interest and a lack of conviction in the upward move. This pattern aligns with the concept of a dead-cat bounce, where the recovery is temporary and often followed by a continuation of the downward trend.
Always consider your risk tolerance and investment strategy before making trading decisions.
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🔝 The Greatest Analysis on Earth! : t.me/invotrading
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