Some unusual price action today in BTC/USD today. We've heard about lots of in-flows from mining pools to exchanges, and we've heard some very weak fud from increasingly weak voices in the news.
What I see: Every once in awhile, we don't get the capitulation candle, even after 20%+ drops in price. Sometimes, for reasons sometimes never revealed, the selloff just comes to a grinding close,
followed by a choppy grind that last days/weeks back up to prior highs and beyond. We may be in one of those situations. Weird pauses accompanied by relentless, yet weak, sell pressure. When these pop,
they usually catch most people off-guard.
Charts: We have lots to work through, but the RSI shows a little bullish divergence (nothing major, but it's there), plenty of lines of resistance overhead, and declining sell volumes.
The hourly has been more helpful than the 4H for some reason the last couple of days, but I'm paying attention, as in my last chart, to the circles.
We have a long way to go, but this is likely to end soon, if it hasn't already. A drop to 42k wouldn't be a surprise, and neither would a burst up to 50k. I'm still buying this dip.
Good luck and stay safe.
What I see: Every once in awhile, we don't get the capitulation candle, even after 20%+ drops in price. Sometimes, for reasons sometimes never revealed, the selloff just comes to a grinding close,
followed by a choppy grind that last days/weeks back up to prior highs and beyond. We may be in one of those situations. Weird pauses accompanied by relentless, yet weak, sell pressure. When these pop,
they usually catch most people off-guard.
Charts: We have lots to work through, but the RSI shows a little bullish divergence (nothing major, but it's there), plenty of lines of resistance overhead, and declining sell volumes.
The hourly has been more helpful than the 4H for some reason the last couple of days, but I'm paying attention, as in my last chart, to the circles.
We have a long way to go, but this is likely to end soon, if it hasn't already. A drop to 42k wouldn't be a surprise, and neither would a burst up to 50k. I'm still buying this dip.
Good luck and stay safe.