Analysis:
BTC was in a clear upward movement where the trend started at the end of July. The market has posted a series of higher highs and lows where the buyers were controlling the market obviously. At the end of the trend, the price posted a double top or another word the market failed to break the previous all time high and this led to a reversal and a move lower. This might be a new beginning of a new trend in the opposite direction of the main one, which means to the downside. However, if we look closely, at the price action below the highlighted zone (58K Mark) we can understand that the market could reverse and move again to the upside since the buyers reappeared and might overwhelm sellers which could lead to a move higher in the coming days toward the previous all time high. 💡
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Risk Disclaimer: All trading ideas published by “collegeofpips” are for educational purposes only. These posts can help you to enhance your trading skills, but please do your own research before opening any trading position. ⚠️
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🙂 Good Luck!
BTC was in a clear upward movement where the trend started at the end of July. The market has posted a series of higher highs and lows where the buyers were controlling the market obviously. At the end of the trend, the price posted a double top or another word the market failed to break the previous all time high and this led to a reversal and a move lower. This might be a new beginning of a new trend in the opposite direction of the main one, which means to the downside. However, if we look closely, at the price action below the highlighted zone (58K Mark) we can understand that the market could reverse and move again to the upside since the buyers reappeared and might overwhelm sellers which could lead to a move higher in the coming days toward the previous all time high. 💡
-------------------------------------------------------------------------------------
Please press “Like” if you appreciate the trading idea 👍
“Follow” for more trading ideas in the future 👀
“Comment” below to share your thoughts with us and other traders 👥
-------------------------------------------------------------------------------------
Risk Disclaimer: All trading ideas published by “collegeofpips” are for educational purposes only. These posts can help you to enhance your trading skills, but please do your own research before opening any trading position. ⚠️
-------------------------------------------------------------------------------------
🙂 Good Luck!
