If you're bearish, this is the only chart you'll need for daily.
Firstly, looking at the volume this might be it for the bull run, the volume looks as if it's really running out of steam. The MACD is also looking like it's ready to tick red in the upcoming weeks.
Key levels are as follows - :
The main support levels are found between $11,200 and $11,300 as well as $10,800 and $11,000, this is what I call the danger zone; a break below could be a serious wound for BTC. A reduction of interest and increase of sweaty palms could see the start of the 2020-2021 bear run.
White: I believe this is the 'fakeout' level, we've previously seen it happen a few weeks ago when we broke around this level but sharply returned to 11.1k.
Yellow: This is perhaps one of the most interesting levels that I watch; mainly because of the volatility that follows. Volatility used as a tool in the right situation can be a make or break in profit and loss. However, between here and 12k (in my opinion) is a great place to swing trade if that's a strategy you favour.
Red: Here's where the real volatility begins, this level has previously acted as both major support and resistance in the past. The volume is usually sitting at a medium level at this price point; which makes it a curiosity to traders in a way as it could go either way.
Green: This level if we reach it between now and mid-September looks to me like an H&S formation, so I'll be watching that to make a potential profit.
Blue: My personal long-term target for the bear run (if it happens) it's very far away in terms of price but is definitely something I will continue to look towards in the future.
Firstly, looking at the volume this might be it for the bull run, the volume looks as if it's really running out of steam. The MACD is also looking like it's ready to tick red in the upcoming weeks.
Key levels are as follows - :
The main support levels are found between $11,200 and $11,300 as well as $10,800 and $11,000, this is what I call the danger zone; a break below could be a serious wound for BTC. A reduction of interest and increase of sweaty palms could see the start of the 2020-2021 bear run.
White: I believe this is the 'fakeout' level, we've previously seen it happen a few weeks ago when we broke around this level but sharply returned to 11.1k.
Yellow: This is perhaps one of the most interesting levels that I watch; mainly because of the volatility that follows. Volatility used as a tool in the right situation can be a make or break in profit and loss. However, between here and 12k (in my opinion) is a great place to swing trade if that's a strategy you favour.
Red: Here's where the real volatility begins, this level has previously acted as both major support and resistance in the past. The volume is usually sitting at a medium level at this price point; which makes it a curiosity to traders in a way as it could go either way.
Green: This level if we reach it between now and mid-September looks to me like an H&S formation, so I'll be watching that to make a potential profit.
Blue: My personal long-term target for the bear run (if it happens) it's very far away in terms of price but is definitely something I will continue to look towards in the future.
Comment:
As predicted, we dropped down. The price reached 11663 after failing to break out far above 12k. I personally think we'll just finish forming the H&S on the daily which I'll (at some point) attach to this analysis. If you opened short from the top then congratulations.
Comment:
Now we're around the yellow price point I mapped I believe we'll float around here before either dumping/ pumping. Looking at the low volume it looks like we're expecting more downside movement.
Trade closed manually:
Trade closed, 70% ROE.
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