4Hr
Recovering from the Nuclear Bomb,
I was a little surprised to see such a steep selloff without having any news catalyst. Except the North Korea news. Which could support my previous "BTC-Conspiracy Time" post. But there is no news about the CBOE ETF.
We have price that tested the 0.382 Retrace level.
This area has support from our previous consolidation at the nice round number of 7500.
My main focus has been on our previous Triangle of 5 Month Prison Sentence Support lines. Since we broke through them last week they are now support. We broke through the (then) lower trendline of the triangle, but were saved by the (then) upper triangle trendline.
The high red volume has put in bottoming action for BTC. We have been seeing green volume candles after this point in time.
All of that Talk about letting RSI's cool off. Well, I would say they are nice and cool at this point. On the low our 4 HR RSI went to 20 which is very low, considering the recent uptrend.
BTCLONGS are increasing while BTCSHORTS are decreasing.
There is still this one person on Bitmex who has about 12Mil who is trying to suppress the price, before he switches to the bull side. His efforts are waning as bulls are buying more irregardless of large suppressive sell blocks. To me this shows strength, because once that one entity removes his selling pressure, and switches long, then the shorters will be left without protection.
I would expect us to consolidate sideways without seeing too much further downside. Then after enough time has passed I would expect the Bulls to breech the upper resistance line and sit above 7700, today or within the next few days. Bulls will want to do this to continue the bullish momentum. After this, I theorize that we will be living above the .0236 (7865) once again in anticipation of the ETF decision.
Recovering from the Nuclear Bomb,
I was a little surprised to see such a steep selloff without having any news catalyst. Except the North Korea news. Which could support my previous "BTC-Conspiracy Time" post. But there is no news about the CBOE ETF.
We have price that tested the 0.382 Retrace level.
This area has support from our previous consolidation at the nice round number of 7500.
My main focus has been on our previous Triangle of 5 Month Prison Sentence Support lines. Since we broke through them last week they are now support. We broke through the (then) lower trendline of the triangle, but were saved by the (then) upper triangle trendline.
The high red volume has put in bottoming action for BTC. We have been seeing green volume candles after this point in time.
All of that Talk about letting RSI's cool off. Well, I would say they are nice and cool at this point. On the low our 4 HR RSI went to 20 which is very low, considering the recent uptrend.
BTCLONGS are increasing while BTCSHORTS are decreasing.
There is still this one person on Bitmex who has about 12Mil who is trying to suppress the price, before he switches to the bull side. His efforts are waning as bulls are buying more irregardless of large suppressive sell blocks. To me this shows strength, because once that one entity removes his selling pressure, and switches long, then the shorters will be left without protection.
I would expect us to consolidate sideways without seeing too much further downside. Then after enough time has passed I would expect the Bulls to breech the upper resistance line and sit above 7700, today or within the next few days. Bulls will want to do this to continue the bullish momentum. After this, I theorize that we will be living above the .0236 (7865) once again in anticipation of the ETF decision.
Comment:
We had a falling wedge last night that was broken to the upside, so we are currently living outside of that pattern.
