The recent peak of £42.5k was nicely in line with the previous downtrend we can follow right since the ATH in April. It would take a massive effort to break that wider macro trend and the volume, whilst it appears to have increased a little recently, doesn't compare when looking back to the turn of the year.
Today's rally looks to me as though it's going to top out at a maximum of the £41k mark, where we have previously seen big resistance. That will form a H&S on the 4hr which will lead to a further downtrend towards the lower line. The failed rally will put further pressure on that £30k mark at the lower end. Surely only a matter of time before we break through lower now.
Today's rally looks to me as though it's going to top out at a maximum of the £41k mark, where we have previously seen big resistance. That will form a H&S on the 4hr which will lead to a further downtrend towards the lower line. The failed rally will put further pressure on that £30k mark at the lower end. Surely only a matter of time before we break through lower now.