On the 6hr BTC chart, I can see Stochs are over bought territory and again the RSI is beyond neutral although not in oversold as of yet.
The cloud is showing we are above (which are my custom settings) but it is indicating a bullish cloud below current price. I do think this will pullback, and after looking at the 12 hour chart I can clearly see we will be entering a bearish cloud formatiom.
The Bollinger Bands are indicating a $1,000+ difference in price range so again the indicator is showing very large margins for trading between.
I can see the MACD also pulling back and the bullish histogram has become less strong, furthermore, it is declining also.
Volume also is low, so maybe a possible sideways action for price rather than a relevant up or downward move... Still, I am bearish at this point personally but as we all know, anything can happen on the weekends!
Again, when i refer to the 12hr I can see it looks bearish for the next few days at least.
(No plotting on this chart, simply indicators and a brief description on what I can see both on this 6hr and by looking at the 12hr).
I ALWAYS URGE CAUTION WHEN TRADING ON THE WEEKENDS SO BE CAREFUL IF YOU ARE.
The cloud is showing we are above (which are my custom settings) but it is indicating a bullish cloud below current price. I do think this will pullback, and after looking at the 12 hour chart I can clearly see we will be entering a bearish cloud formatiom.
The Bollinger Bands are indicating a $1,000+ difference in price range so again the indicator is showing very large margins for trading between.
I can see the MACD also pulling back and the bullish histogram has become less strong, furthermore, it is declining also.
Volume also is low, so maybe a possible sideways action for price rather than a relevant up or downward move... Still, I am bearish at this point personally but as we all know, anything can happen on the weekends!
Again, when i refer to the 12hr I can see it looks bearish for the next few days at least.
(No plotting on this chart, simply indicators and a brief description on what I can see both on this 6hr and by looking at the 12hr).
I ALWAYS URGE CAUTION WHEN TRADING ON THE WEEKENDS SO BE CAREFUL IF YOU ARE.
Comment:
If you look closely at he volume, the major spikes in vol are all related to pumps, personally this suggests to me possible manipulation in order to FOMO people into longing this market so again, be CAREFUL on which way you execute your trades.