Bitcoin has been going down for a long time and people are still talking about what a marvelous invention bitcoin is. I am no expert in the fundamentals of bitcoin, but I know that this is a clear downtrend, and one should look for opportunities to sell. Whenever bitcoin goes back to the wave, it is time to sell. Look at overbouught conditions on the Force Index, and how accurate selling signals they proved to be.
Besides the downtrend, it seems that the relationship between price and volume works very well here, and one can use this information to predict key areas on the chart. I can tell you that the next key interest area is the 150$, where the lows of the extreme range days are.
By looking strictly at the price action, it is pretty obvious to me that after periods of consolidation, bitcoin starts moving.
I am not a bitcoin trader, I have never traded it. However, if I had to trade it, I would go short and I would be very comfortable with my position.
Besides the downtrend, it seems that the relationship between price and volume works very well here, and one can use this information to predict key areas on the chart. I can tell you that the next key interest area is the 150$, where the lows of the extreme range days are.
By looking strictly at the price action, it is pretty obvious to me that after periods of consolidation, bitcoin starts moving.
I am not a bitcoin trader, I have never traded it. However, if I had to trade it, I would go short and I would be very comfortable with my position.
