Hello traders, I am going to keep this as unbiased as possible. See my previous ideas as I have predicted this closely so far. As you can see we have made quite the climb up and are currently testing close to the neckline. The RSI is coming close to the VERY strong downtrend resistance and that must break to the upside to keep rising.
My take on the situation is we need to see volume really pick up here and push the bears to their stop losses. We have seen over the recent weeks the largest short increase since the last bear market so you can see where the sentiment is when it comes to the market.
If we happen to push past that neckline, we should see a big squeeze as shorts liquidate at a very rapid rate. The biggest issue I see here is volume has been low on the rise and has picked up on top each time, this to me are not good signs. Time will tell.
I'm interested in your thoughts below,
My take on the situation is we need to see volume really pick up here and push the bears to their stop losses. We have seen over the recent weeks the largest short increase since the last bear market so you can see where the sentiment is when it comes to the market.
If we happen to push past that neckline, we should see a big squeeze as shorts liquidate at a very rapid rate. The biggest issue I see here is volume has been low on the rise and has picked up on top each time, this to me are not good signs. Time will tell.
I'm interested in your thoughts below,
Comment:
We should see a retest somewhere near the RSI trendline, keep a close eye on this to see how strong BTC seems to react.
Comment:
As I said, we have retested the RSI trend line. Now we wait and see how BTC reacts from here. If it breaks that trend, expect new lows. If it holds we are on our way up.