Daily analysis XBT/USD 004

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Daily analysis XBT/USD 004

Hello everyone,

As predicted, yesterday was a day of high volatility , with a failed attempt to break the descending resistance line, the price dropped 5.98% in 7 hourly candles to the lower part of the ascending wedge (remember that this is a bearish pattern ), but also seems to have pinned in the $6950 areas.

As of writing , the hourly chart seems uncertain, with a mild bias to the downside (being that we are out of the wedge ), nevertheless we have already seen reversals out of big patterns in the past so if you want to enter a position now use the lower part of the wedge as a potential exit spot .

On the daily chart , things aren''t very different either, the fact that we broke the lower ascending wedge line tells us that a small downtrend might be on the way . Yesterday's daily low of $6862.5 just put us under the fairly important psichological $7000 level.

On Bitmex, it seems that sellers have the upper hand, ammounting to a total of $40 million in liquidation that took place yesterday, and $37 million worth of long liquidations.

Buywalls at $6800 , $6720 and $6660
Sellwalls at $6990

Gameplan for the day:

Scalpers and swing traders can probably use the hourly chart to post some trades if they correctly identify the zoomed out factors.

Long term investors must take into account the other macro economic factors right now and should tread lightly untill we have a clearer direction.

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