This is an quick update and follow-up of my last post, we can see bulls have started to show some resistance at 29 – 30k which can be a good signal that they are still active, but I would like to see more confirmations before opening any long positions as this uprise might be a fake-out.
Break above the purple channel and 35k level are good confirmations that this uprise movement may be sustainable at least for some time. But I personally don’t like the price action at this moment, because quick uprise movements generally are followed by quick downward movement, and the biggest at the highest candle isn’t the best thing, as it might indicate that the whales have been absorbing the buying .
So I personally would like to see that price finds some support at the current level or maybe at retest of the yellow channel and then see a break above the purple channel if I want to take any long trades. And I suggest that you better wait for those confirmations before going long because the trading for past few weeks have been low and lack of liquidity can cause such we are seeing at this stage.
If you like my analysis then consider supporting me hitting like and comment id you have any opinion about it, I’d appreciate it a lot. Have fun and trade safe.