BTCUSD is spending its seventh day below the 100D Moving average, and that is a pretty situation in my book. Add to that we have slipped the , which is turned red and is at a moderate thickness, and we have another case that the is going to perform properly.
Add to that the OBV situation and things begin to look rather grim for the bulls. The settings on the OBV are 10 (red) 20 (blue) and 100 (green) and these crosses can be very powerful signals, especially on the daily or above time frame. We had the stack of OBV EMAS yesterday and quite frankly, this does't seem to be a situation the bulls can endure
The blue shows us the inverse situation. The was extraordinarily thin, the 100D MA was being tested as support, and the OBV EMAs were pending a cross. In fact, it was my complete inability at the time to predict the April Fools Day pump that caused me to add tools to my TA that got me to look at the OBV EMAs, which can be quite powerful when combined with divergences. The fact that the OBV situation is at a near technical while the price action stalled at the .618 level is another sign to me that the bulls ran out of money to spend here.
Please check out the linked posts for more details on intermediate and final target setting.
Here is the weekly view with both crypto clouds. Looks like hell, right? We might find support on the cloud around 6.4k but I think it will be tissue support. We will see how the bottom of the cloud holds. The progress of the OBV EMAS is one of the most important things to watch in BTCUSD right now.