Bitcoin is currently consolidating and approaching its next big move. On one hand, we are in a bear trend so the price is more likely to continue down than up. But on the other hand, we are so far below the 200 SMA that we are likely to go up some more before we drop further. Also, on a shorter timeframe this is a bull flag which is a bullish formation.
In any case, the volume has been steadily decreasing. The best sign to indicate that the next big move has started would be a spike in volume. So that's what I'm watching for. Personally, I'm more bullish than I am bearish.
There are a few ways you can trade this. You can buy the bottom of the range or sell the top of the range and hope for us to stay within the range. You can set a stop buy or stop sell order outside of the range and hope for a big break on high volume. But whatever you decide to do, make sure that your reward outweighs your risk. When will you take profits, and when will you take losses? Make a plan and stick to it, and hope for the best but expect the worst. Good luck!
I do technical analysis because I enjoy imagining what could happen. I like sharing my ideas to help others improve their own unique approach to trading. I personally don't put real money on the line based on this. Please see my signature for info about how I make actual trading decisions.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
In any case, the volume has been steadily decreasing. The best sign to indicate that the next big move has started would be a spike in volume. So that's what I'm watching for. Personally, I'm more bullish than I am bearish.
There are a few ways you can trade this. You can buy the bottom of the range or sell the top of the range and hope for us to stay within the range. You can set a stop buy or stop sell order outside of the range and hope for a big break on high volume. But whatever you decide to do, make sure that your reward outweighs your risk. When will you take profits, and when will you take losses? Make a plan and stick to it, and hope for the best but expect the worst. Good luck!
I do technical analysis because I enjoy imagining what could happen. I like sharing my ideas to help others improve their own unique approach to trading. I personally don't put real money on the line based on this. Please see my signature for info about how I make actual trading decisions.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
