Hi traders,
We've been in a bear flag for last few days. As you may see even it broke out the flag, it still is on the support level.
So there is two possibility.
1- Bounce from the support zone and the breakout will turn into a fakeout. The uptrend will continue after having reduced the LONG positions.
2- Bear Flag works and we will see a downtrend up to 35k's. After that, It will depend on the situation.
The breakout has relatively high volume, so my opinion is bearish in general. If it re-test, I am gonna take a short position and look for opportunity of altcoins to short.
We've been in a bear flag for last few days. As you may see even it broke out the flag, it still is on the support level.
So there is two possibility.
1- Bounce from the support zone and the breakout will turn into a fakeout. The uptrend will continue after having reduced the LONG positions.
2- Bear Flag works and we will see a downtrend up to 35k's. After that, It will depend on the situation.
The breakout has relatively high volume, so my opinion is bearish in general. If it re-test, I am gonna take a short position and look for opportunity of altcoins to short.
Comment:
To be honest, both LONG and SHORT positions were hunted. I did not expect such movement even though I STOPPED LOSS with a profit. ( I took LONG on the bottom blue box and took 50% of profit on the upper box. As a result, I made profit )