BTC updateOleg Alexandrov
In the previous post about BTCUSD I wrote:
The current situation is more bearish. But it can change quickly due to the fact that the market is sluggish and is moving sideways. Let’s see if sellers can push the price through the long red support line. They now have every chance for this.
What we have now?
2) ND wave. Lack of buyers around 9k
3) Sellers resumed pressure. Another portion of Supply after ND.
4) Oh! This is EVRB around 8700. Small bearish progress (Price Decline) amid big Effort (Volume). Support arrived where it should be expected.
Why 8700 is the expected level of support? Look on background. We have spike of volume around 8700 (5). It was powerful bullish effort to breakout 8700 and reach 9800. It was a clear indication of bullish control over 8700 level. And – no surprise – we got EVRB signs of support (4) recently.
So, what a conclusion? Background matters.
What is next? If bears want to resume downward pace, the manipulative movement SLKT above 9k would be the rational scenario.
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
No spam is guaranteed.