And a bearish weekend it was!
Are we going to retest the bottom or keep moving up? I think there is one more test for
BTCUSD
before climbing.
The MACD is telling me that we are going up, with the green bars and the wider separation within the lines.
The RSI last closed at ~60%, which tells me that there is still more room to grow.
However, looking at the volume, it isn't very high. This means people aren't buying nor selling because either they think the price is ok or they are waiting to see what happens. If it does go up, it will be a slow climb ("buy on Monday sell on Friday" kind of week?)
Looking at the shorter-term charts, they are all signalling overpriced on the RSI (line well above or close to 70%). That tells me that in the short-term (next 4-8 hours) it will still go down.
I think it was Lord Rothschild who said "sell when everyone is buying and buy when everyone is selling". Following this philosophy and looking at the RSI alone, now would be a good time to sell because it is overpriced.
Also, don't forget that, despite the MACD being in the green, the lines are still in negative territory.
I expect one more test of the 43k level before we move up again.
Are we going to retest the bottom or keep moving up? I think there is one more test for
BTCUSD
before climbing. The MACD is telling me that we are going up, with the green bars and the wider separation within the lines.
The RSI last closed at ~60%, which tells me that there is still more room to grow.
However, looking at the volume, it isn't very high. This means people aren't buying nor selling because either they think the price is ok or they are waiting to see what happens. If it does go up, it will be a slow climb ("buy on Monday sell on Friday" kind of week?)
Looking at the shorter-term charts, they are all signalling overpriced on the RSI (line well above or close to 70%). That tells me that in the short-term (next 4-8 hours) it will still go down.
I think it was Lord Rothschild who said "sell when everyone is buying and buy when everyone is selling". Following this philosophy and looking at the RSI alone, now would be a good time to sell because it is overpriced.
Also, don't forget that, despite the MACD being in the green, the lines are still in negative territory.
I expect one more test of the 43k level before we move up again.
