Hello traders,
I hope you had a great weekend. As you can see Bitcoin had a hard time making any new highs and struggled to maintain $7500. I can see high volume of selling is happening where the coin is broken its raising wedge.
This is still not all the signs we need to make sure its heading for a bearish move. However here are some points that tell me it will start its correction very soon.
1. Low volume while making new highs (no real buyers)
2. Don't ignore the high volume that happened few days ago (see chart) market makers could have distributed really well during that candle.
3. Breakout happened with high selling pressure
Bitcoin still needs to give us more signs for us to say it will start a correction - but I would bet on a bearish move for the coin.
Target 1: $6700
Let see how this evolves in the next few days - Abdulla
I hope you had a great weekend. As you can see Bitcoin had a hard time making any new highs and struggled to maintain $7500. I can see high volume of selling is happening where the coin is broken its raising wedge.
This is still not all the signs we need to make sure its heading for a bearish move. However here are some points that tell me it will start its correction very soon.
1. Low volume while making new highs (no real buyers)
2. Don't ignore the high volume that happened few days ago (see chart) market makers could have distributed really well during that candle.
3. Breakout happened with high selling pressure
Bitcoin still needs to give us more signs for us to say it will start a correction - but I would bet on a bearish move for the coin.
Target 1: $6700
Let see how this evolves in the next few days - Abdulla
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Watchout
Watchout
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- Watchout for $6700
- Watchout for $6700
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Bearish mode still active - $6200
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We broke $6600 and lost $1100 instantly - this what happens when strong supports are broken!
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Idea update here:
Still trading within the range.