Volume continues to confirm a price downtrend
Using Price Volume Trend to spot volume/price divergences is a powerful tool see an impending reversal of trend. As you can see, PVT predicted perfectly the drop from $11,700 and continues to confirm the downward price action around $8,200.
Refer back to my early bear flag breakdown prediction to see where the charts are suggesting price could reach. The sideways action in play right now is just noise, and potentially another, smaller bear flag. Volume is not confirming a reversal from $7,650 and so we would expect price to continue the trend down to the long term trend line from the July and September lows.
Refer back to my early bear flag breakdown prediction to see where the charts are suggesting price could reach. The sideways action in play right now is just noise, and potentially another, smaller bear flag. Volume is not confirming a reversal from $7,650 and so we would expect price to continue the trend down to the long term trend line from the July and September lows.
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