BTC fails to dip below $6,600 effectively, if youve learnt to use my theory of selling at breakthrough point, decent profits should be easy to make. Take a look at hourly chart:
BTC has been remaining supported at $6,600 in the past 3 sessions, volumes obviously shrink today, making the dip below $6,600 not an effective breakthrough, or we can say its fake.
Later, an upper shadow just brings price back above $6,600, bulls are temporarily guarding important levels and lack the momentum to initiate a reversal in trend as volumes remain low.
The minor bottom formed at $6,600 is expected to witness an oscillating rally, which is believed to lengthen the period of downtrend, if price manages to hold above it.
As mentioned in my previous analysis, strength of such rally will be limited, making it possible for price to remain above $6,600 in the past 3 sessions.
Volumes during current uptrend remain insufficient, indicating that the range of a short-term rally will be small.
$7,700 will be the ceiling for a rally as bullish momentum is limited and the overall downtrend remains intact, making it profitable for daily traders.
Original by Kuang Ren, translated and posted by AICoin Jami.
It seems to be true. Bitcoin is indeed having a hard time to pass the 7000 usd market value and is also having difficulties on being into it for a period of time since fluctuations are immediately happening right after reacheimg the said market value mark. For now hold and knvest while the price is low. Once it starts to recover profit will be earned.BTC has been remaining supported at $6,600 in the past 3 sessions, volumes obviously shrink today, making the dip below $6,600 not an effective breakthrough, or we can say its fake.
Later, an upper shadow just brings price back above $6,600, bulls are temporarily guarding important levels and lack the momentum to initiate a reversal in trend as volumes remain low.
The minor bottom formed at $6,600 is expected to witness an oscillating rally, which is believed to lengthen the period of downtrend, if price manages to hold above it.
As mentioned in my previous analysis, strength of such rally will be limited, making it possible for price to remain above $6,600 in the past 3 sessions.
Volumes during current uptrend remain insufficient, indicating that the range of a short-term rally will be small.
$7,700 will be the ceiling for a rally as bullish momentum is limited and the overall downtrend remains intact, making it profitable for daily traders.
Original by Kuang Ren, translated and posted by AICoin Jami.