Orange lines are the strong and well-respected trendlines. With volume this low, we might be in a so-called "bull trap".
We are seeing short term price push towards $40K but there are strong chances that the price won't hold it long and fall back. The next strong buy zone is around $28K (strong price frequency) and then $19K-20K.
Good luck!
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We are seeing short term price push towards $40K but there are strong chances that the price won't hold it long and fall back. The next strong buy zone is around $28K (strong price frequency) and then $19K-20K.
Good luck!
If you find my analysis useful and helpful, please do consider subscribing and liking my work. This helps me stay motivated.
For any questions or comments, do let me know!
-- For educational purposes only. Do your own research before making investment decisions.
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Poor daily volume suggests possible bull trap. Highly probably that we move downwards on daily chart.
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AS we can see, the reversal has started and as such, 40K might not be in the picture anymore. We may end up reaching strong support at around $28K
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Just a disclaimer - notice the volume being lower than the average. I always am skeptical when the volume isn't around average because that tends to suggest that there "might" be some manipulation by the "whales". No guarantees obv.
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On the daily chart, the price has not been able to breach the yellow trendline as pointed by an arrow.
