Correction To Previous Analysis
I missed the timeframe of the short sell for 5 4h Candles. My short position is still open. I first shorted when I saw low volume. It is always better to stay away of the market when low volume is in play because it is easier to manipulate the market. However I now see the completion of a perfect bear flag forming a noticeable rising wedge.
There are 3 key resistance levels
1) The 3,400 area
This resistance level will probably be easy to break because of the huge momentum coming down from the bear flag and because we struggled to create bullish momentum when we recently played that target.
2) 3,200 We will probably oscillate a little through this level. However I expect several stop losses to trigger at this point which could trigger even a higher bearish momentum.
3) 3,000 Here will be a good area to buy, and just in case it keeps going down a good strategy is to double down on the trade. Here we would see the classic 10-12% drop that bitcoin periodically has.
Low Volume, Be aware. Love you guys
There are 3 key resistance levels
1) The 3,400 area
This resistance level will probably be easy to break because of the huge momentum coming down from the bear flag and because we struggled to create bullish momentum when we recently played that target.
2) 3,200 We will probably oscillate a little through this level. However I expect several stop losses to trigger at this point which could trigger even a higher bearish momentum.
3) 3,000 Here will be a good area to buy, and just in case it keeps going down a good strategy is to double down on the trade. Here we would see the classic 10-12% drop that bitcoin periodically has.
Low Volume, Be aware. Love you guys
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