Bulls Are Losing Their Energy

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Currently, the indicators are pointing towards some downward movement here in a few days. There is an overall positive uptrend, but for now, a correction looks to be in order.

  • Stoch RSI - A bit too overbought for my liking, I can see it swinging back the other direction. If it hits around 20, I'd expect prices in the range of 2400-2500; any lower, 2300s.
  • RSI - Overall, shows that there is a strong trend down. In other words, bulls are getting fatigued buying all that coin. A little concerning is the lack of candle wick movement despite the RSI trend between the tops. The bottom movement down is in line, though, show that the bears are putting up a fight.

I am going bearish on this, 2530 appears to be a good point to hit. I can see some more upside in the hourly, but all seems quiet for now.

That's all for now. Happy trading. I am not setting any orders up yet until I can confirm the downside.


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