Bulls have been buying the dips the last couple days but not seeing a lot of follow through on any continuation attempts.
This gives us a clear 4 hour equilibrium with a double bottom at 6,411 as well.
With a bear break, we will likely have seen our daily lower high which will be a bit disappointing for the bulls not getting to the mid-way point of the weekly equilibrium.
If we see a bull break it means we are not done with the bounce and we look to see how close the bulls can get to, or exceed the mid way mark.
Notable shorts increasing on ETH in a similar manner to what happened with BTC before the all out dump a few weeks ago.
Keep an eye on this and ETH as it could have an impact on BTC and the sector as a whole if the bears do make a move.
Volume is declining in the weekly BTC equilibrium as many traders including myself patiently wait for the volume and volatility spike that comes with an equilibrium break.
This gives us a clear 4 hour equilibrium with a double bottom at 6,411 as well.
With a bear break, we will likely have seen our daily lower high which will be a bit disappointing for the bulls not getting to the mid-way point of the weekly equilibrium.
If we see a bull break it means we are not done with the bounce and we look to see how close the bulls can get to, or exceed the mid way mark.
Notable shorts increasing on ETH in a similar manner to what happened with BTC before the all out dump a few weeks ago.
Keep an eye on this and ETH as it could have an impact on BTC and the sector as a whole if the bears do make a move.
Volume is declining in the weekly BTC equilibrium as many traders including myself patiently wait for the volume and volatility spike that comes with an equilibrium break.
Checkout our full trading resources online www.chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social