BITFINEX:BTCUSD Bitcoin / Dollar
After taking a pause from posting trading ideas on (because I am either in or cash and have been sitting in cash for a while now) I thought I would take some time today to review the 1 hour chart and where it might be suggesting price wants to go over the near term. First off, you will notice several 'M' tops on the chart today. That alone suggests to me the bears are in control not the bulls. Couple that with the fact that the latest rally could not even get back up into the OTE short zone (rally peak was 518 and 61.8 or bottom of zone was 519) and I see more evidence that the bears are in control. Willy did get a little 'stupid overbought' there on that rally so it isn't too surprising to see Willy work his back back down into the oversold zone once again. While that may be reason for the bulls to start paying attention, we have neither a bottom in the raw ( Histogram), a bottom in (OBV) or a bottom in price, Put it all together and I am still looking for lower prices ahead not higher. It do see the OTE long zone (off this entire rally from Mid April) currently sits between 431 and 456 and that shall be my target zone over the coming sessions. Should the indicators support long ideas once we get down into that range I may consider getting back in on the long side of - until then....cash is king.