Ok Guys, Let`s do the analysis based on On Balance Volume. As you can observe, the volume is not supporting the price rise, telling you that fall is impending.
I outlined 4 trends.
1). 1st one volume supported price rise( taking price up to 10k)
2). Then the fall started. Initially, the OBV slope was steep on the downside and then flattened telling you about upcoming bullish break out( breakout happened and it took the price back to 8300)
3). Marked slope again for the price rise to 8300. It is steep but with a smaller range (supported by OBV).
4). Look at the 4th state, the current state, the price has risen to 7300 but without much volume. The slope is gentle, signifying about the bearish breakout anytime now. Compare this scenario with 2nd once, and you are likely to see similar action but on the opposite side.
Watch out and be careful with the long position.
Disclaimer: This is my analysis. Your trade is your own, you should take the position as per your risk appetite. All investors/traders are advised to conduct their own independent research before any purchase/sell.
I outlined 4 trends.
1). 1st one volume supported price rise( taking price up to 10k)
2). Then the fall started. Initially, the OBV slope was steep on the downside and then flattened telling you about upcoming bullish break out( breakout happened and it took the price back to 8300)
3). Marked slope again for the price rise to 8300. It is steep but with a smaller range (supported by OBV).
4). Look at the 4th state, the current state, the price has risen to 7300 but without much volume. The slope is gentle, signifying about the bearish breakout anytime now. Compare this scenario with 2nd once, and you are likely to see similar action but on the opposite side.
Watch out and be careful with the long position.
Disclaimer: This is my analysis. Your trade is your own, you should take the position as per your risk appetite. All investors/traders are advised to conduct their own independent research before any purchase/sell.