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's definitely an interesting analysis, I take your hat off, however we still can't be exactly sure on whether or not it's accurate. I really do hope that it does recover and surpass $7.700 soon, since I've bought at $7.500 and the price is currently still falling down to $6.600, which is depressing. Honestly, it's quite tiring.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.