Bitcoin has been very volatile lately with choppy ranges. The 4 hour is at the of the 0.236 fib level, hitting a high of $7747 on the penultimate 4hr candle. The is looking to form a sell crossover, the is overbought, the Wavetrend Oscillator hasn't hit the top bound sell signal, but looks to be hitting a local top, and the OBV formed a divergence over the last 10 days. Generally, it appears we have hit a local top, and the daily appears that this correction's momentum may be declining unless we get a very, very clear breakout in price and high spike. For the medium term, it appears we either chop more or continue the larger downtrend. All the best with your trading!
Written By: Philip Raytburg
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