- December 14, 2020
- Posted by: virtualxstore
- Category: trading
The main factor that we need to see at this structure is that the test toward the white region as a strong in this cycle. We know that at the previous price action the price always showed a huge rejection whenever the price tested this area of resistance. At November 25th, we have almost 17% drop and December 1st, we have another 11% drop.
During the latest 2 drops, we can see that the price is still forming a higher low structure which is significant to gain any strength on the bulls momentum. However, we still don’t know yet how will the price reacts at this current in the near future. Will it breaks or will it gets rejected?
All I can see for now is to wait as the dominance gets higher and the has decreased pretty much as the price comes closer to the APEX. Breaks above this white is a good price action for the bitcoin but we still need more confirmation for this bias. Currently, it’s wise to stay neutral.