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Consensio: P > S MA > M MA > L MA
Patterns: Phase 7 Hyperwave | A&E
Horizontals: R: $3,992 | S: $3,859
Trendline: At $4,536
Parabolic SAR: $3,539
BTCUSDSHORTS: Watching for it to take out the local low at 18,970
Funding Rates: Longs pay shorts 0.0065%
TD’ Sequential: G6
Cloud: Very surprised that we haven’t seen a kumo twist
Index: Testing 70
Average Directional Index: Bull trend on daily. is starting to approach on the weekly.
Price Action: 24h: -0.4% | 2w: +16.3% | 1m: +10.5%
Bands: Weekly is very and the MA is in confluence with the TL
Oscillator: Sell signal
Summary: I was hoping to see some more follow through out these last 24 - 48 hours. The was there on both breakouts (Feb 8th & 18th) however we have petered out at $4,000 horizontal resistance.
The fact that we continue to consolidate above the 4 is a very strong sign as far as I am concerned. We didn’t smash right through resistance and that left us with two options. Get rejected hard and retrace the full rally from $3,600 or see support move up and consolidate.
The longer we continue to support above the 4 the more likely I think we are to pop through it hard and fast. If that happens then my targets are the bear TL and the 200 day .
If not in a position then I would shy away from BTC due to the resistance that is stacked from here to $5,000. However, there are some other options that appear to have less resistance and better risk:reward ratios.
XRP and BCH look ready for a big rally that might lead the rest of the market through this current area of resistance. Both recently had an correction that pulled the price into a golden cross with the 50 & 200 EMA’s on the 4h chart.