Sigh
My experience is still not enough, this is clearly a consolidation range
I am not using my causality principle well😇
We all know that the BTC increase in the first three days was impressive.
This is a bullish trend, right?
Now, however, there has been unusual market behavior.
The first red arrow in the chart indicates that the market once tried to break upward with increased volume. But it didn't go up afterwards and instead contracted.
Next, during the pullback (green arrow), there was a volume-increasing decline, but then there was a volume-increasing stop behavior.
Now BTC is above the support level at 8.4, and if we see a volume-increasing decline followed by a retest here with a long upper shadow, and the trading volume relatively expands, it indicates that supply has controlled the market, and the bullish trend may have ended.
If the price closes with a small candle when breaking the support, and the trading volume is slightly lower, then we can wait and observe if there is a long bullish candle (excluding the upper shadow) with equal or even decreased volume that is longer than this small candle, then we can go long, with a stop loss set at 0.5% below the low of this small candle.
The first target is naturally the first red arrow candlestick.
This is a bullish trend, right?
Now, however, there has been unusual market behavior.
The first red arrow in the chart indicates that the market once tried to break upward with increased volume. But it didn't go up afterwards and instead contracted.
Next, during the pullback (green arrow), there was a volume-increasing decline, but then there was a volume-increasing stop behavior.
Now BTC is above the support level at 8.4, and if we see a volume-increasing decline followed by a retest here with a long upper shadow, and the trading volume relatively expands, it indicates that supply has controlled the market, and the bullish trend may have ended.
If the price closes with a small candle when breaking the support, and the trading volume is slightly lower, then we can wait and observe if there is a long bullish candle (excluding the upper shadow) with equal or even decreased volume that is longer than this small candle, then we can go long, with a stop loss set at 0.5% below the low of this small candle.
The first target is naturally the first red arrow candlestick.
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BTC
103,289.07
+0.23%