Hi, this is NEXGEN Investment.
Today I want to share a negative perspective of the BTC.
There is a rebound after a huge drop from $ 6600.
It is a slight climb as the continuation of the $ 6350 resistance line breaks.
Trading volume is declining.
I can guess that 'the trading volume will be low on the weekend,' but the price is rising as opposed to the trading volume, so it is necessary to doubt that this bullish move may not be a true bullish sign.
The situation of the indicators shown is not positive.
On 11th, dead crosses came out on most of the indicators.
It could be interpretable as the beginning of the decline.
In a situation where there is a rebound, indicators are being restored.
It can be interpreted that this is giving BTC more place to drop again after relaxing the indicators to drop again rather than being interpreted positively.
Why interpret negatively is that ...
Can see the volume of trading volume and see certain patterns.
Let's look at the pattern as we have explained volume above.
The pattern shown on the 1D chart is a bearish flag.
When the chart is zoomed in, the rising wedge appears.
The short-term uplift is visible. Adjustment or rebound against the decline.
There is a possibility of an additional drop.
The possibility of Bearish Flag
Analysis for Rising Wedge.
If you look at the whole picture, it is the shape of the bearish flag.
In a smaller frame, rising wedge is visible. Trading volume is decreasing.
Over time, the price of the support level will rise.
Assuming the rising wedge is completed within 12 hours, the support level range is between $ 6335 to $ 6355.
If the support line is breaking out with a high volume, please sell if you have a long position and it could be a sign for a short position.
Thanks.
Today I want to share a negative perspective of the BTC.
It is a slight climb as the continuation of the $ 6350 resistance line breaks.
Trading volume is declining.
I can guess that 'the trading volume will be low on the weekend,' but the price is rising as opposed to the trading volume, so it is necessary to doubt that this bullish move may not be a true bullish sign.
The situation of the indicators shown is not positive.
On 11th, dead crosses came out on most of the indicators.
It could be interpretable as the beginning of the decline.
In a situation where there is a rebound, indicators are being restored.
It can be interpreted that this is giving BTC more place to drop again after relaxing the indicators to drop again rather than being interpreted positively.
Why interpret negatively is that ...
Can see the volume of trading volume and see certain patterns.
Let's look at the pattern as we have explained volume above.
The pattern shown on the 1D chart is a bearish flag.
When the chart is zoomed in, the rising wedge appears.
The short-term uplift is visible. Adjustment or rebound against the decline.
There is a possibility of an additional drop.
If you look at the whole picture, it is the shape of the bearish flag.
In a smaller frame, rising wedge is visible. Trading volume is decreasing.
Over time, the price of the support level will rise.
Assuming the rising wedge is completed within 12 hours, the support level range is between $ 6335 to $ 6355.
If the support line is breaking out with a high volume, please sell if you have a long position and it could be a sign for a short position.
Thanks.
