PRICE ACTION
BTC bulls attempted to push the price through the $5300 resistance; however, it appears that there was not enough bullish liquidity and the market thinned out. This resulted in a price drop of almost 7% and – importantly – a break of the rising trend line. $5100 should provide some level of support; although it could just as quickly fall apart as FOMO traders look to exit their post breakout long positions with at least some potential upsides.
The volume currently being traded shouldn’t inspire either side of the market; though the OBV suggests that the volume is leaving the market at present. 4H RSI is showing a hidden bullish (which should give a relief bounce), although having only just crossed the 50.0 line it could have another leg down before any bounce happens...
$5050-$5150 could make a nice short play with $5350 at the SL for about 4% risk.
OPEN INTERESTS (BITFINEX)
Long: 2.15 Days
Short: 1.63 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5500, 5817 (52W MA), 6200
Support: 4880, 4454 (28D MA), 4430 (26W MA)
PREVIOUS ANALYSIS
BTC bulls attempted to push the price through the $5300 resistance; however, it appears that there was not enough bullish liquidity and the market thinned out. This resulted in a price drop of almost 7% and – importantly – a break of the rising trend line. $5100 should provide some level of support; although it could just as quickly fall apart as FOMO traders look to exit their post breakout long positions with at least some potential upsides.
The volume currently being traded shouldn’t inspire either side of the market; though the OBV suggests that the volume is leaving the market at present. 4H RSI is showing a hidden bullish (which should give a relief bounce), although having only just crossed the 50.0 line it could have another leg down before any bounce happens...
$5050-$5150 could make a nice short play with $5350 at the SL for about 4% risk.
OPEN INTERESTS (BITFINEX)
Long: 2.15 Days
Short: 1.63 Days
RELATIVE STRENGTHS
- Micro (5m): Oversold
- Short Term (4h): Hidden Bullish Divergence
- Mid Term (1D): Weakening
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Weakening
KEY PRICE AREAS
Resistance: 5500, 5817 (52W MA), 6200
Support: 4880, 4454 (28D MA), 4430 (26W MA)
PREVIOUS ANALYSIS