Volume is very low. A storm is brewing in the horizon
Price is well under the 20 Week and 20 Day EMAs and continues to be press down upon by the yellow resistance trend line as well.
Bitcoin is still in a consolidation phase in the NO Trade Zone (Descending Triangle).
More downside price action for the short term is expected with price re-testing the support zone (61.8% Golden Ratio Fib Level) prior to a bounce back up to the yellow resistance trend line to re-test it. And if momentum is strong enough, price may break through it but will be faced with the 55 Day EMA.
If the support zone fails, Bitcoin could eventually reach $6.2K (Blue Bar).
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
*****************************************
A new decade is upon us and it shall bring with it a bigger bang of astronomical proportions.
Global adoption of the blockchain technology by institutions and businesses in general will eventually give more humans an opportunity to embrace Bitcoin.
Price is well under the 20 Week and 20 Day EMAs and continues to be press down upon by the yellow resistance trend line as well.
Bitcoin is still in a consolidation phase in the NO Trade Zone (Descending Triangle).
More downside price action for the short term is expected with price re-testing the support zone (61.8% Golden Ratio Fib Level) prior to a bounce back up to the yellow resistance trend line to re-test it. And if momentum is strong enough, price may break through it but will be faced with the 55 Day EMA.
If the support zone fails, Bitcoin could eventually reach $6.2K (Blue Bar).
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
*****************************************
A new decade is upon us and it shall bring with it a bigger bang of astronomical proportions.
Global adoption of the blockchain technology by institutions and businesses in general will eventually give more humans an opportunity to embrace Bitcoin.
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Bump and Run Reversal Pattern
