Looking at trend lines on 12-hour stochs, it appears there is at least a possibility of a reversal coming soon. Not only are 12-hour stochs beginning to turn, the MACD indicator is in a very weak (low volume) downward trend. Although it has only been a few ticks since the sell signal was given, a reversal could soon be in the cards if bitcoin can hold above 6050.
Comment:
With help from a small rally on the 3-hour and lower time-frames, price has reversed at trend line support on the 12-hour stochastic. Does price continue upward, or turn back downward?
I'm uncertain, and indicators and oscillators aren't necessarily in agreement either. The four-hour appears to be getting tired, and without even testing upside resistance. If it could get a second wind, that would be a good sign that the 12-hour has effectively reversed.
It's interesting to note that, according to indicators, the daily is turning down while the 2-day just recently crossed up.
I'm uncertain, and indicators and oscillators aren't necessarily in agreement either. The four-hour appears to be getting tired, and without even testing upside resistance. If it could get a second wind, that would be a good sign that the 12-hour has effectively reversed.
It's interesting to note that, according to indicators, the daily is turning down while the 2-day just recently crossed up.
With bitcoin shorts up 16% against btc longs, will price fall to mounting downside pressure?