So BTC had a stellar 1K move in less than an hour and now the entire cryptocurrency market is moving up! My worry is that we are still in a downtrend TA wise and in the chart its a move up, but not a reversal.
BTC is nearing heavy resistance of the Ichimoku cloud and overall market valuation is relatively high so the moment of reversal is right now and the following couple of days will decide if it will be a reversal or not. For now, it has been a downtrend the longs are in a disadvantage compared to the shorts so if you are looking for a trade, I'm looking at the 7.4K-7.6K level for a pullback or break down if we break below 8.2K with some bearish price action. (
-> Trend is bearish -> Weak bullish signs on high timeframes compared to the bearish -> Lower timeframes are bullish higher ones aren't yet = Not a reversal yet. -> EMA resistance coming up -> Cloud resistance coming up -> Divergence on the RSI and Stoch RSI -> volume squeezing
TLDR: Not a reversal yet, expect a pullback instead of a move up because of the bearish trend bias but prepare for a reversal IF we move up from here. 4H view below.
as always, Happy Hunting!
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4H view:
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Buying now is risky, there is overhead resistance coming up. For long positions, I'd rather wait for bullish reversal confirmations.