Hi all,
Bitcoin continues to struggle with the $9,600 - $9,500 area.
As visible on the daily chart, this is not only where horizontal resistance lies, but also where the former mid-term uptrend line is situated. Bulls are unable to surpass this extremely saturated indicator-wise zone and the decreasing volumes are not helping. Looking at the 24-hour volumes they climbed up to $29 billion on Monday and Tuesday but went back down to $23 billion today, so slightly lower.
I remain bullish overall, BUT as commented yesterday bitcoin is still in a local downtrend until $9,700 is broken. This is 4-h chart:
I'm not adding longs here as its too risky and we can see a short-term reversal - we are extremely close to the major resistance/support lines. Shorting is a gamble as well because even a drop to $8,700 can easily be attributed to a healthy pullback rather than ca change in trend.
Cheers,
Bitcoin continues to struggle with the $9,600 - $9,500 area.
As visible on the daily chart, this is not only where horizontal resistance lies, but also where the former mid-term uptrend line is situated. Bulls are unable to surpass this extremely saturated indicator-wise zone and the decreasing volumes are not helping. Looking at the 24-hour volumes they climbed up to $29 billion on Monday and Tuesday but went back down to $23 billion today, so slightly lower.
I remain bullish overall, BUT as commented yesterday bitcoin is still in a local downtrend until $9,700 is broken. This is 4-h chart:
I'm not adding longs here as its too risky and we can see a short-term reversal - we are extremely close to the major resistance/support lines. Shorting is a gamble as well because even a drop to $8,700 can easily be attributed to a healthy pullback rather than ca change in trend.
Cheers,
