Apologies for last post, tried off phone and didn't work..
So will try again.. Anyways as charts suggests
Time to take some if not all profits off the table for now... no more buying as we are into weekly supply zone.
A new fresh demand area formed which is where I would be looking for longs at
Giant wedge shape - playing out nicely with simple supply and demand !
- Im selling 50% of my BTC now..been a nice ride so far
- I will watch to see daily supply zones being created inside this Weekly supply zone, then ill sell the rest
Technically we are into a weekly downtrend on BTCUSD
- 2no supply zones removed
- Prices getting cheap again down there
- Might just get bought up though..and sent to where price was deemed to be expensive before(supply area above)
Something like this maybe..?
Wedge formation - BTCUSD looking to test the lows of this wedge, nice demand zones below. Supply zone above used up....Red demand zone used up.. limited resistance on way down to complete pattern and drive more interest at those lower prices again
Price moving very slow on Daily TF.
If looking for longs I would wait for downtrend line to be broken first.
Possible reversals at the support line or look for momentum to be shifted onnce price touches/comes into demand zone below.
Speculators are driving this move down now so hedge funds will likely have limit orders at a much lower price now, ie the demand...