BTCUPDATE - What the 6hr chart is whispering to us right now...
Let's step back, clear our heads, and just take a look at what the 6hr chart is telling us right now:
1. Per the volume profile, this consolidation period started a week ago -- after our break up from lower 8ks to upper 8ks.
2. We're at the same price we were at the beginning of the consolidation period.
3. In the same time, the stochastic RSI has dropped from overbought all the way back down to the bottom.
4. And the cycle channel oscillator has dropped down from way overbought to bouncing off the edge of the bearish control zone.
5. Per the volume profile, our breakout from this one-week consolidation period should come within the next 24 hours.
Put all of the above together and hopefully you know what I'm getting at.
I've still labeled this "neutral", though, because I want people to actually read and think and analyze a bit on their own :)
Cheers and happy trading.
1. Per the volume profile, this consolidation period started a week ago -- after our break up from lower 8ks to upper 8ks.
2. We're at the same price we were at the beginning of the consolidation period.
3. In the same time, the stochastic RSI has dropped from overbought all the way back down to the bottom.
4. And the cycle channel oscillator has dropped down from way overbought to bouncing off the edge of the bearish control zone.
5. Per the volume profile, our breakout from this one-week consolidation period should come within the next 24 hours.
Put all of the above together and hopefully you know what I'm getting at.
I've still labeled this "neutral", though, because I want people to actually read and think and analyze a bit on their own :)
Cheers and happy trading.