If we look at what the prices have been doing, they've been rejecting a close above the $6,750 level. This is a solid $50 lower than the $6,800 we've seen in the past. A shrinking resistance level like this with declining volumes make it all but guaranteed we will see a bear break. Nothing is set up to favor the bulls at this point, unfortunately.
The only thing the bulls have going for them right now is an upward wedge of trend line support. However, we are also seeing declining volumes which means we are unlikely to see anything hold (especially once bears come in).
We saw a faked attempt by the bulls to rally above resistance almost a week ago. This break should have seen more support. It was the first break with volume above $6,800. Failing once like this is just too hard to justify will happen again with any real success.
Be cautious if you're long, and make sure those stops are set for a break of the upward trend wedge support -- currently at $6,683.
Thanks for posting the update , Hard to read what happening right now
Indeed. No confirmation or heads up either way -- sticking with being all cash.
I dont know much about markets but I feel like the past few months have been a clear sign that the high crypto prices in 17' were fake. They wont get that high again for years to come if ever again. I hope I am not right.
yea like look at the 2013 boom....took a year and a half to find support then we saw rally prices three years later. it was all fake hype.