Bitcoin has been in a bearish trend after an epic downside break of the weekly channel.
The herd are clearly freaking out and selling at cheap prices to the institutional players.
After the selling climax that occurred at climatic volume at the 25312 level, Bitcoin has been in a range to finally mop up all sells before a push higher, an impulsive break and close above the 32300 shld confirm longs.
Note a spring to trap sellers might occur below the range and if the volume is relatively low, it is best to avoid shorts for now.
This is my own idea and not investment advice. Follow strict risk management practices. Peace.
The herd are clearly freaking out and selling at cheap prices to the institutional players.
After the selling climax that occurred at climatic volume at the 25312 level, Bitcoin has been in a range to finally mop up all sells before a push higher, an impulsive break and close above the 32300 shld confirm longs.
Note a spring to trap sellers might occur below the range and if the volume is relatively low, it is best to avoid shorts for now.
This is my own idea and not investment advice. Follow strict risk management practices. Peace.
