PRICE ACTION
While BTC continues to test the resistance at 5300; short positions had a noticeable decline today; dropping by roughly a half days trading volume. Given the green grind for the last week; this wouldn’t seem too unusual at face value...however when factoring in the RSI on the 1D chart and the overhead resistance coming up – in the form of the 52W MA; this suggests poor planning on the part of bear traders.
4H RSI continues to show weakness; despite the low volume upward trend. Look for prices below 5100 as an indicator of downward opportunity.
OPEN INTERESTS (BITFINEX)
Long: 2.46 Days
Short: 1.59 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5350, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4317 (28D MA)
PREVIOUS ANALYSIS
While BTC continues to test the resistance at 5300; short positions had a noticeable decline today; dropping by roughly a half days trading volume. Given the green grind for the last week; this wouldn’t seem too unusual at face value...however when factoring in the RSI on the 1D chart and the overhead resistance coming up – in the form of the 52W MA; this suggests poor planning on the part of bear traders.
4H RSI continues to show weakness; despite the low volume upward trend. Look for prices below 5100 as an indicator of downward opportunity.
OPEN INTERESTS (BITFINEX)
Long: 2.46 Days
Short: 1.59 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 5350, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4317 (28D MA)
PREVIOUS ANALYSIS