BTC Update - Broke down from the rising channel!
Updated
Here's a quick update on BTC 4 hr chart. The price has been oscillating in the rising channel for a while and has now broken down. The rising channel is very important to uphold for continuation and if the price can't get back in, then we are probably going to retest 51k. Furthermore the price bounced off the 100 MA.
One thing to note is that the volume has been decreasing while the price has increased. Thats a bearish sign. Another point to take in concidaration is that the stocks like S&P 500 is down - that only adds more bearish sentiment.
Monday will be crucial. If the stocks opens in red, then BTC will follow.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
One thing to note is that the volume has been decreasing while the price has increased. Thats a bearish sign. Another point to take in concidaration is that the stocks like S&P 500 is down - that only adds more bearish sentiment.
Monday will be crucial. If the stocks opens in red, then BTC will follow.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
Trade active
Bearish divergence on the daily TF. This tells us that the strength of price/move is decreasing.
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