I have been bullish on BTC for awhile and still am long-term, but looking at the charts I can't justify a reversal yet.
Let's break down the Ichimoku cloud- We have price action in bearish territory with a strong bearish TK cross and our lagging indicator is showing clear signs of bearish price action.
Our RSI has refueled, but has yet to cross 50-70 range, so while it's increasing there is no confirmation of a bullish reversal. It has reached neutral ground.
The 1D RSI hasn't crossed under 30 on any of my charts- It has briefly during the day, but is yet to close under 30, suggesting we still have room to drop.
Our OBV hasn't been this low since BTC was at the $3-4k range. We've had a lot of hidden bearish divergence on the OBV.
Overall volume has been low, we have lots of wash and margin trading, but no new money coming in yet. Without volume, we won't see any large jumps in price that align with a reversal.
We are forming a clear bear flag in bearish territory, the squeeze indicator shows we are getting ready for a big move.
BTC is following a bubble pattern.
I'm bullish on BTC long-term, I'm in the $64-100k within 1-2 years camp. However, right now I can't justify moving upwards until we see some volume that matches our price action. Even hitting $3-4k (which I never imagined suggesting as a possibility), we would be up 300% since this time last year. Right now we are up nearly 700%.
I'm personally watching for the $5,800-6,200 range and at that point revisiting whether $3-4k is on the table.
Happy trading and be safe out there!
Let's break down the Ichimoku cloud- We have price action in bearish territory with a strong bearish TK cross and our lagging indicator is showing clear signs of bearish price action.
Our RSI has refueled, but has yet to cross 50-70 range, so while it's increasing there is no confirmation of a bullish reversal. It has reached neutral ground.
The 1D RSI hasn't crossed under 30 on any of my charts- It has briefly during the day, but is yet to close under 30, suggesting we still have room to drop.
Our OBV hasn't been this low since BTC was at the $3-4k range. We've had a lot of hidden bearish divergence on the OBV.
Overall volume has been low, we have lots of wash and margin trading, but no new money coming in yet. Without volume, we won't see any large jumps in price that align with a reversal.
We are forming a clear bear flag in bearish territory, the squeeze indicator shows we are getting ready for a big move.
BTC is following a bubble pattern.
I'm bullish on BTC long-term, I'm in the $64-100k within 1-2 years camp. However, right now I can't justify moving upwards until we see some volume that matches our price action. Even hitting $3-4k (which I never imagined suggesting as a possibility), we would be up 300% since this time last year. Right now we are up nearly 700%.
I'm personally watching for the $5,800-6,200 range and at that point revisiting whether $3-4k is on the table.
Happy trading and be safe out there!