It's getting choppy in the market. After BTC had trouble pinching through support, forming a couple of higher lows in the past week, we witnessed a relatively strong move to the upside with increased bullish volume.
BTCUSD is currently stuck at a local resistance zone, marked by the top of the bearish linear regression channel. As we might expect another push to the upside, mid-term market dynamics remain somewhat more on the bearish side.
The daily OBV suggests, that there is still some room left for the bears to attempt another hit at previous support. 4h MFI indicates the beginning of a local correction to the downside.
The working hypothesis is: local correction initiating another push up, leading to a mid-term bearish retest of support. If we see bullish indications, BTC might make its way back into its bullish pathway that we have seen after the big selloff in Q1 & Q2.
Trading bias: Short term bullish. Mid-term bearish. Long-term bullish.
Comment
⋅
After the previous local correction we are now well on the way to our next targets and slowly shifting bias from short-term bullish to cautiously bearish . With volume steadily decreasing, giving us divergence on the 4h MFI and the daily MFI entering the critical zone (70-80), we are currently approaching a few key price targets at 50.345$ (already reached) and the resistance zone of 51.500$-51.800$.
These could lead to some interesting short-opportunities, before #BTC heading back up in a more long-term perspective.