BTC has been in a rally for the last 2 days and has now entered a possible supply zone. Earlier it entered a trading range, broke lower then recovered to attempted to re-enter it. We can see on the 30 min chart that it's at the lower boundary of the previous trading range now.
The reason why this could be the start of an intermediate move back down is that the current rally has not really built up enough cause to keep on going for much longer, as evidenced by the short accumulation period at the bottom.
The 3 min chart shows an upthrust with high volume, which could signal the turn. This would be a good short to medium term shorting opportunity.
The reason why this could be the start of an intermediate move back down is that the current rally has not really built up enough cause to keep on going for much longer, as evidenced by the short accumulation period at the bottom.
The 3 min chart shows an upthrust with high volume, which could signal the turn. This would be a good short to medium term shorting opportunity.