BTC has attempted to exit the trading range that was created a few hours ago with no success. The 30 min chart shows buying action within the trading range with little to no proof of strong selling action. A dive into the 3 min chart however shows the movement of the sellers much clearer, and suggests that sellers are still in control with weak buying action in the later parts of the range. This suggests that the buyers are being exhausted and we are about to continue the liquidation.
Comment:
BTC dropped then immediately reversed, blasting through the upper edge of the trading range. These last 3 days have shown a lot whipsawing and it seems that the consolidation is not over. Staying out of the market until a clear bias is shown.
Comment:
An analysis of the 4 hour and 30 min chart shows an inability for price to go higher. The 30 min chart shows price struggling and the upward thrusts getting shorter and weaker, with the latest consolidation in a much tighter range than those that came before.
The 4 hour shows a hinge forming with no clear direction of the breakout, though looking at the daily as well as the 30 minute suggests that the break, when it comes, will come to the down side.
The 4 hour shows a hinge forming with no clear direction of the breakout, though looking at the daily as well as the 30 minute suggests that the break, when it comes, will come to the down side.