Bitcoin Back In Buy Area, Reversal Looking Unlikely
A small reversal out of the buy area mentioned in my last update took place yesterday.
As you can see from the image, the reversal didn't last long. The price only made it a short way out of the area before it reversed and fell back in again, suggesting the reversal didn't have much strength behind it.
The price is now drifting towards the bottom of the buy area.
With what we've seen so far, I'm not convinced we're going to see a large reversal take place from this area. If a sharp rise occurs whilst the price is still in the area then that would make a reversal more likely, but as it is now I think we're going to see the price break through the area either tonight or tomorrow.
If a reversal is going to take place the point to watch is the small buy area I've marked.
This buy area is found within the larger buy area and is located at around the points where someone or a group of people bought a large amount of Bitcoin when the price fell into the area last week - the lows marked with arrows.
If the price enters this area watch for signs of a reversal in the form of candlesticks with large one sided wicks and bullish candles that are bigger than, and preceded by, a bearish candlestick.
As you can see from the image, the reversal didn't last long. The price only made it a short way out of the area before it reversed and fell back in again, suggesting the reversal didn't have much strength behind it.
The price is now drifting towards the bottom of the buy area.
With what we've seen so far, I'm not convinced we're going to see a large reversal take place from this area. If a sharp rise occurs whilst the price is still in the area then that would make a reversal more likely, but as it is now I think we're going to see the price break through the area either tonight or tomorrow.
If a reversal is going to take place the point to watch is the small buy area I've marked.
This buy area is found within the larger buy area and is located at around the points where someone or a group of people bought a large amount of Bitcoin when the price fell into the area last week - the lows marked with arrows.
If the price enters this area watch for signs of a reversal in the form of candlesticks with large one sided wicks and bullish candles that are bigger than, and preceded by, a bearish candlestick.
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