henryoloyede

Noobie TA - BTC/USD Bear Flag?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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3
Possible bear flag? BTC hitting support at C but I dont see a recovery soon so this seems like a trap, but could trade along the flag

Take with a pinch, or maybe a handful of salt. Very inexperienced.

Comments

Always look at volume bars especially when trading support/resistance, channels and any breakout. If volume is ramping up prior to a support or resistance level and getting closer to it , with higher volume theres a higher chance for price to break that level. In this case im guessing as you marked...bars within C and D are very low volume hence its just going sideways
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if you are using a channel you dont need to do ABCDE :) its just a channel.
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