PRICE ACTION Less than 24 hours after the hack of 40M USD; and active discussion from one of the largest exchanges on whether rolling back the blockchain would be a good idea…and now the price has broken above $6000.
Some days, Technical analysis simply does not matter. Today is one of those.
The 4H chart is currently overbought @ 70.0; though volume is expanding. Price has been pushing the top of the wedge; so, has been slightly adjusted.
5m charting saw a consistent upward movement through to the test of $6000; which was immediately backed in by a push of volume that was able to break and maintain the price over the last 9 hours.
1D is overbought on RSI; and slightly divergent to the price action. Caution should be maintained at this point. And finally, the 1W is pushing into overbought as well – which could create a bearish case is price faulters out without being able to create a solid break out here. This is worth monitoring.
If you are trading this madness, good luck...
OPEN INTERESTS (BITFINEX) Long: 1.90 Days Short: 3.36 Days