We are all super excited about the RSI, MACD and DMI on the short term charts, however, I'm still seeing a possible bearish divergence taking place.
Also on the longer term charts the 4hr is showing heavy resistance at the 200MA. Tested it 3X and failed to break. See my other analysis on this.
Are we in consolidation phase and looking for a possible leg up or down?
I believe market sentiment is still bearish to neutral and we are nearing a decision point going into this weekend. We are still trading inside a descending channel and if I were a betting man I'd say we are headed to another retest at 6k absent of any positive news that can propel more buyers into this market. Yes the MACD, RSI and DMI are starting to look more bearish on the short term charts, however, market sentiment is what drives price action more than anything and it's still bear to neutral.
Where do you think bitcoin is headed into the weekend and why? Looking for other opinions.
BitcoinBobby
Also on the longer term charts the 4hr is showing heavy resistance at the 200MA. Tested it 3X and failed to break. See my other analysis on this.
Are we in consolidation phase and looking for a possible leg up or down?
I believe market sentiment is still bearish to neutral and we are nearing a decision point going into this weekend. We are still trading inside a descending channel and if I were a betting man I'd say we are headed to another retest at 6k absent of any positive news that can propel more buyers into this market. Yes the MACD, RSI and DMI are starting to look more bearish on the short term charts, however, market sentiment is what drives price action more than anything and it's still bear to neutral.
Where do you think bitcoin is headed into the weekend and why? Looking for other opinions.
BitcoinBobby