BTCUSDT Poloniex 30min Chart Consolidation level and breakouts
Looking at the 30 min cart on BTCUSDT on Poloniex for swing or day trading I would be looking at trading the sideways trend channels and looking at closing positions if the sideways trend breaks either upper or lower levels.
We have a good looking short term consolidation in a relativity narrow channel between $3620 and $3720. This is not a long term consolidation on price.
The trading channel for profit is only $100USD.
Volumes are showing that the demand is slowing down as traders look for key indicators to give a signal on what will happen next. Bears and bulls taking a breather to regroup and reassess their next moves.
When the price breaks through the Upper or Lower levels it will be met with the larger well established resistance of $3,800 or the lower established $3,500 support levels.
The bollinger bands are extremely constricted now and also indicates a smaller margin between buyers and sellers pricing. Again confirming a breathing period on the immediate to short term.
NOTE: This is based only on a 30min chart and is not an analysis on the longer term trend/outlook. This information is aimed at day traders or swingers.
Always happy for input as we are all here to learn as learning never stops in the market game, huh? :)
Good Trading Everyone
Dan
We have a good looking short term consolidation in a relativity narrow channel between $3620 and $3720. This is not a long term consolidation on price.
The trading channel for profit is only $100USD.
Volumes are showing that the demand is slowing down as traders look for key indicators to give a signal on what will happen next. Bears and bulls taking a breather to regroup and reassess their next moves.
When the price breaks through the Upper or Lower levels it will be met with the larger well established resistance of $3,800 or the lower established $3,500 support levels.
The bollinger bands are extremely constricted now and also indicates a smaller margin between buyers and sellers pricing. Again confirming a breathing period on the immediate to short term.
NOTE: This is based only on a 30min chart and is not an analysis on the longer term trend/outlook. This information is aimed at day traders or swingers.
Always happy for input as we are all here to learn as learning never stops in the market game, huh? :)
Good Trading Everyone
Dan
The volume of trading has reduced to normal levels and is resting also to show price for the next 8 hours to be trading again sideways until those upper and lower levels are broken through at which point the volume will pump either up or down again.
I don't see any indications there will be a sudden rally of $300-$400 either way in the next 24 hours.