Bitcoin Daily Update : Things Doesn't Look Good for Bulls
BTC price at the moment of writing is exactly 6999. Total market capitalization has decreased to 228 Billion dollars and the market dominance has increased by 0.5% to 53.1%. BTC hasn't been able to stay above 7000 and bulls have had problems with volume, something which is very much visible in total market cap decline. The price/volume action of the last two days points to an upcoming drop in prices. Declining volumes plus lean candle bodies and price staying fixed below 7200 all point to the fact that there are not enough commitment from bulls and sooner rather than later shorting will start and we'll go back to 6600 and 6400.
Yesterday's daily candle is very similar to a Hanging Man pattern and given that we have had such pattern after a 17 day upward movement also increases the likelihood of a drop in prices. So we recommend very tight stop losses if you've established your longs in the previous days and we advise against opening any new longs. Shorting is a more logical step at the moment with a profit target of 6600 and 6400.
Yesterday's daily candle is very similar to a Hanging Man pattern and given that we have had such pattern after a 17 day upward movement also increases the likelihood of a drop in prices. So we recommend very tight stop losses if you've established your longs in the previous days and we advise against opening any new longs. Shorting is a more logical step at the moment with a profit target of 6600 and 6400.