TheChartGuys

BTC Bulls Control the Morning

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC Bulls confirming a 4 hour bulls flag and hitting the $6,500s target where we were visually looking for a daily lower high to form.
It is still a possibility to confirm the drawn bullish reversal inverted head and shoulders , but it is not the likely scenario in my opinion.
The reason for this is because the 4 hour RSI is already 70, and we still need 5% to get to resistance.
We would need to see 4 hour RSI in the 80s for the bulls to see a breakout in the next few days.
Still looking for a daily equilibrium as the most likely scenario.
Liking the shorts continuing to climb as it will be more fuel for the bulls if we do get the break causing a bit of a short squeeze.
Bulls still have some hope! I personally will be utilizing all my cash in BTC and ETH if we do see this $6,800 break.

Comments

wow great chart!! thank you for your detailed descriptions under your chart!!!!!
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Enjoy my chart:
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tusco92 xuanhaimmoer
@xuanhaimmoer, 1700 /1900 could be as well
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I am seeing the same, check this out:

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Dan....what are your thoughts concerning this latest pump...it seems to be lacking volume...I exited my position at 6631...waiting for at least a retest of the 6400-6500 zone...since nothing goes straight up or down (usually) and there is heavy resistance in this zone...it make sense that a correction to the above mentioned zone is probable...despite whether we continue going up or down from there..thanks!
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"4 hour RSI in the 80s for the bulls to see a breakout"? I thought it would need to be lower than 70. Am I missing something?
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ETHMiner mrsticker
@mrsticker, He is saying that if a breakout did occur above 6850 in the next few days 4H RSI would be in the 80's.
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mrsticker ETHMiner
@ETHMiner, Thanks!
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Why do you always call Bitfinex "BTC bulls"?
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@MrRenev, He doesn't.
+2 Reply
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