We are trading in a narrow range, not much to expect here yet.
Observations and NEWS:
Volume is at an all time low, as I see some indications of consolidation. I have noticed on GDAX/Coinbase, some heavy buys on bitcoin, during attempted dumps over the last couple of days.
The Tether situation seems to have normalized, however we are seeing it around 97 cents. There has been a significant amount of tether removed from circulation recently. Keep in mind, that Tether has less impact (especially on non tether exchanges) then the community tends to believe in my opinion.
Ether seems to be weaker then bitcoin in regards to bullish moves.
The 4 hour indicates we will continue to pullback in the near future. We are currently bouncing slightly but I am tar-getting 6350 on bitmex. I warned of a release of the RUBY COBRA yesterday after we topped out at 6450s based on STOCH on the 4 hour indicated overbought, plus a high number of long dominance on bitmex was observed during this period. RSI isn't supporting a breakout YET, so I didn't feel it is time to long at this stage. RUBY COBRA is still in the house until we hit 6350's.
Once target is hit, (could be a couple of days after the stablecoin phase or sooner) 4 hour stoch will be below 30 and we bounce up a little from there, however I expect to remain in a tight range as the Daily Triangle continues to tighten as we travel right.
RSI is in the middle therefore I don't expect a major break of daily triangle just yet in either direction. I recommend watching alts market caps for now.
Observations and NEWS:
Volume is at an all time low, as I see some indications of consolidation. I have noticed on GDAX/Coinbase, some heavy buys on bitcoin, during attempted dumps over the last couple of days.
The Tether situation seems to have normalized, however we are seeing it around 97 cents. There has been a significant amount of tether removed from circulation recently. Keep in mind, that Tether has less impact (especially on non tether exchanges) then the community tends to believe in my opinion.
Ether seems to be weaker then bitcoin in regards to bullish moves.
The 4 hour indicates we will continue to pullback in the near future. We are currently bouncing slightly but I am tar-getting 6350 on bitmex. I warned of a release of the RUBY COBRA yesterday after we topped out at 6450s based on STOCH on the 4 hour indicated overbought, plus a high number of long dominance on bitmex was observed during this period. RSI isn't supporting a breakout YET, so I didn't feel it is time to long at this stage. RUBY COBRA is still in the house until we hit 6350's.
Once target is hit, (could be a couple of days after the stablecoin phase or sooner) 4 hour stoch will be below 30 and we bounce up a little from there, however I expect to remain in a tight range as the Daily Triangle continues to tighten as we travel right.
RSI is in the middle therefore I don't expect a major break of daily triangle just yet in either direction. I recommend watching alts market caps for now.
Comment:
Alright, looks like our indicators are moving into a bullish move. As i stated "slightly when I posted earlier. 4 Hour stoch and RSI are supporting a move up now. Volume is also steadily increasing on Coinbase, and we have too many shorts on bitmex open indicating to bear exhaustion. (likely due to weekend period ending and Asia Waking up.) I have opened some longs and will follow momentum.
6100-6200 area is a target if 6350-6370 breaks, otherwise, we remain in current range 6380-6450