As I wrote few days ago, I wanted to see a clear pattern before taking a position for the BTC/USD pair. I believe we have entered a new phase that I will call The Third Hill.
As you can see on my chart, we have seen this pattern twice before with a continuous volume decrease. If the volume sustains that trend, the third climb should be confirmed.
More volume would certainly bring more strength to the market but as it is playing out right now and beyond any technical analysis, including mine, there are forces that can make the market shift direction in an instant.
I have opened a long position at $7,090 with stop-loss order at $7,325 at the time of this article. I don't expect to close this position, nevertheless I will open new short and long positions within The Third Hill phase, regardless of the outcome of my initial position.
I would appreciate your feedback and your vote very much.
Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.
For Educational Purposes Only.