Good afternoon traders! ☀️
Curtiousy of Signal Profits:
It appears that there is a stand still between buyers and sellers at this moment and we're waiting to see who makes the first move.
Bitcoin is hovering around the $6450 level, which was an extremely important support level, but is starting break down from it's rising channel on the 30 min chart.
The longer we stay down in these ranges, the longer our psychology gets used to $6000 pricing, which makes it easier for us to move lower in price.
Currently, it's not clear which way we are going to go. The volume is low and the RSI is neutral on most time frames.
We were hoping for the bulls to step up before now and show us they were still interested in buying, but the fact that we've had little to no bounce leads me to believe that the next direction is down.
We will continue to find nice, safe 10-15% gaining trades to continue to make profit in a downtrending market.
A lot of altcoins are starting to find supports and so we're going to set up some orders with safe stop limits to protect us in case of another plunge.
The shorts have not been stacking as hard and as fast as they were previously, so we may not see the large green candles like we are used to.