Bitcoin Stil Inside Buy Area, Reversal Into Sell Area Possible
Yesterday a large drop caused Bitcoin to fall deep into the buy area it had just reached in my last update.
You can see a reversal caused the price to rise up to the edge of the area in the early hours of this morning. This rise doesn't look very strong, as evidenced by the fact it mainly consists of small candlesticks. However, that could just be because of the time it took place - I doubt many people are trading and investing 12 - 5am on a Saturday morning.
30 minutes ago a reversal candlestick formed (black arrow), which could cause the price to move out of the buy area and towards the sell area created as a result of yesterdays drop.
At the moment, I'm not convinced this candlestick will cause a reversal. However, if one or two large candlesticks push the price up over the next few hours without the price first breaking through the low of the reversal candlestick, then that would be a better sign a reversal is taking place, and I might decide to place a trade.
For now, keep watching for signs of a reversal.
You can see a reversal caused the price to rise up to the edge of the area in the early hours of this morning. This rise doesn't look very strong, as evidenced by the fact it mainly consists of small candlesticks. However, that could just be because of the time it took place - I doubt many people are trading and investing 12 - 5am on a Saturday morning.
30 minutes ago a reversal candlestick formed (black arrow), which could cause the price to move out of the buy area and towards the sell area created as a result of yesterdays drop.
At the moment, I'm not convinced this candlestick will cause a reversal. However, if one or two large candlesticks push the price up over the next few hours without the price first breaking through the low of the reversal candlestick, then that would be a better sign a reversal is taking place, and I might decide to place a trade.
For now, keep watching for signs of a reversal.