Tuesday 10/07/2019, 23:50CET
I thought I would do a quick status post here
#BTC, and the rest of the #crypto market has had a downturn.
BUT this is not all bad.
Let's look at the chart...
We have had a break down in price action starting about 12 hours ago. Currently we sit at 6380 USD, down from the 6700 USD mark a day ago.
That is about a 5% correction.
But as you can see in the chart, our channel is being confirmed as support again.
We are below our 21hma and our 50hma is looking to make a death cross. Hmmmm
On the positive side is volumes are making a slight uptick
The daily chart sees us showing an ugly red candle that has broken through the 21dma
You can see the uptick in volume here as well. Just ever so slight.
Again we are on a knife edge guys.
As alway have a great night and trade safe.
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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Thanks
I think we bounce at $6100. Seems to be the most likely option for the potential inverse head and shoulders that would still be valid.
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You could be right. The optimism of the last week seemed too premature to me as well.
Your prediction of bouncing at 6100 also holds some validity.
Here is it marked on the chart. We can see that back in late June, this level acted as significant support for some time.
I have already had some of my protective stop loss trades triggered over the last hours. Now I wait to enter in again at a lower price.
Thanks for your contribution @vyvanse
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