Market is at the new lows, forming what looks like a descending triangle. Naturally this is bearish which is true for any consolidation at new lows. For the bull argument, we are barely below the previous low. What I am trying to say is that this zone is where a large number of long’s stops are at. Take a look at the past few times when market made new lows, the next day is a big crash on strong volume. As bearish as it is, a strange behavior.
This update will have 2 parts, first is the market update, and second is about analysis of my recent trade and mistakes.
Bitcoin market update:
Since yesterday, market has been sliding lower with above average volume, but the volume is much lower than the first wave down. As I speak, we are retesting the lows of the previous low. However, this time, price has been consolidating here instead of the gradual climb from before. Looking at the 4 hour chart, we have broken below the descending triangle and that is bearish even at these oversold levels.