The current price action is not bullish at all but on the contrary is very bearish especially if the daily chart closes under the pink trend line.
Once again we can see the power of fibs. The price got rejected at the 0.5 from swing high to swing low, approximately at the same level as the 100 Daily MA. According to our fib based TA the price needs to break a 0.65 from swing low to swing high if we want to have a chance of seeing a bull run.
Bearish indicators: - pierce of lower bb after an extreme squeeze - FOR NOW rejection at the 0.5, 100 MA, POC and pink trendline (things could change until the daily close but for now everything is bearish). - huge premium on tether exchanges (rember GOX vs STAMP in the last months of GOX's life?)
As long as there is FUD surrounding Bitfinex and Tether and there is a huge premium on tether exchanges we will chart on the the average price from 4 USD exchanges: Bitstamp, Coinbase, Gemini and Kraken.
There is a hidden and a regular bearish divergence in the RSI, the fundamentals are negative (USDT and decline in world economy[surprise, surprise crypto correlates withit ]) and there are much more bearish indicators in price action than the other way round. So I'm bearish too.
asgcorp
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agree with the above. for everyone else (the 90%), see below.
Simple things you need to understand:
1. Broken support becomes resistance.
2. BTC's 6k level has provided support for 7 months now.
3. Once it breaks, people will panic.
4. 6k will flip from support to resistance.
5. This could drag out the bear market for many more months.
DataPatron
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I think so, guys! It looks like another giant short squeeze..
JohnNMex
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@DrahoslavPalus, it definitely is a short squeeze and nothing more. The few bulls that were above 6.5k couldn't handle the selling presure. Let's be patient and wait for the daily close before opening any shorts.
LUKE0717
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@NewMexCapital, sir how to setting the four exchange price thx
JohnNMex
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@LUKE0717, Add this in the box where you search for the instrument: (BITSTAMP:BTCUSD+GEMINI:BTCUSD+COINBASE:BTCUSD+KRAKEN:XBTUSD)/4
LUKE0717
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@NewMexCapital, thx very much
Boon2
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I agree, looks like bear running flat on H4, here is a possible setup on M15. check out the details in the Idea for full run down
InvestingScope
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We want to see the weekly close first to derive long term conclusions on this:
m5b11
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Just a short squeeze... yeah, "just" lol keep shorting the bottom noobs