Hey everyone,
BIG moves are coming up for BTC.
Right now, the Market has been reaching higher highs without much loss on the daily timeframe
We are forming the start of a bearish wick on the day, which could indicate a reversal for consolidation if the wick reaches higher prices without the body following through
There are still a lot of bulls in this run, without much bear pressure from volume
The low overall volume is suspicious, but has not followed though much either way
The next few days will determine the general direction
As of yesterday, consolidation was in sight due to the bearish volume, but the proportionaly large increase in bull volume early today could show another run is forming.
Heavy resistance was formed last week after the large spike in price followed by massive volume, and another wave of bulls needs to come through to break that ceiling.
The RSI has been able to cool off significantly on the 4 hour time frame
RSI shows class A bearish divergence on the 4 hour, as lower highs and lower lows are being made, while price seemingly does the inverse. On the daily, the RSI is showing some divergence, but not as overwhelmingly as on the 4 hour.
Overall, the market appears to be overbought, and a strong case for consolidation could occur. This opens up a great short opportunity. the key thing to watch for the next few days is VOLUME. We need to see investors leave the market to confirm a short, or have another wave to break that ceiling.
Once a day for bear volume forms, there is a golden opportunity to reap in the benefits of a short.
If the bulls catch second wind, we could use an increase in bull volume bringing price to some higher highs.
What do you think? What's your "golden" indicator for this run?
-Block
BIG moves are coming up for BTC.
Right now, the Market has been reaching higher highs without much loss on the daily timeframe
We are forming the start of a bearish wick on the day, which could indicate a reversal for consolidation if the wick reaches higher prices without the body following through
There are still a lot of bulls in this run, without much bear pressure from volume
The low overall volume is suspicious, but has not followed though much either way
The next few days will determine the general direction
As of yesterday, consolidation was in sight due to the bearish volume, but the proportionaly large increase in bull volume early today could show another run is forming.
Heavy resistance was formed last week after the large spike in price followed by massive volume, and another wave of bulls needs to come through to break that ceiling.
The RSI has been able to cool off significantly on the 4 hour time frame
RSI shows class A bearish divergence on the 4 hour, as lower highs and lower lows are being made, while price seemingly does the inverse. On the daily, the RSI is showing some divergence, but not as overwhelmingly as on the 4 hour.
Overall, the market appears to be overbought, and a strong case for consolidation could occur. This opens up a great short opportunity. the key thing to watch for the next few days is VOLUME. We need to see investors leave the market to confirm a short, or have another wave to break that ceiling.
Once a day for bear volume forms, there is a golden opportunity to reap in the benefits of a short.
If the bulls catch second wind, we could use an increase in bull volume bringing price to some higher highs.
What do you think? What's your "golden" indicator for this run?
-Block