We recently noticed a quick but inadequate uptick in price action today. Things have been really boring over the last two months for most swig traders these days as the price has been consolidating between the $9000 to $9800 range over the last two months.
We're currently lookig a bit bearish at the moment, however as we all know things can change at a moment’s notice. At this point I could care less which direction the price action moves as long as it produces some minor resemblance of volatility that we’ve all become accustomed to with the BTC.
At this moment in time, I’m looking at several key indicators…
1. A descending triangle is forming on the 1 day time frame
2. A current test of the 200-day moving average on the 4 hour time frame. If we break well above this indicator, we made indeed see a retest of the $9800 level (and a break from the descending triangle formation)
3. We’re still under the major resistance trend lined from June 2019
4. Volume for this latest uptick in price doesn’t seem to be moving too quickly (most notable pumps follow a hard and fast rule)
5. We’re slightly overbought on the RSI indicator
This doesn’t necessarily mean that were out of the woods yet however the latest pump from today doesn’t really indicate anything special other than a simple retest of old resistance. I’ll be keeping an eye out on the 200 day moving for a legitimate break over the next 24 hours.
We're currently lookig a bit bearish at the moment, however as we all know things can change at a moment’s notice. At this point I could care less which direction the price action moves as long as it produces some minor resemblance of volatility that we’ve all become accustomed to with the BTC.
At this moment in time, I’m looking at several key indicators…
1. A descending triangle is forming on the 1 day time frame
2. A current test of the 200-day moving average on the 4 hour time frame. If we break well above this indicator, we made indeed see a retest of the $9800 level (and a break from the descending triangle formation)
3. We’re still under the major resistance trend lined from June 2019
4. Volume for this latest uptick in price doesn’t seem to be moving too quickly (most notable pumps follow a hard and fast rule)
5. We’re slightly overbought on the RSI indicator
This doesn’t necessarily mean that were out of the woods yet however the latest pump from today doesn’t really indicate anything special other than a simple retest of old resistance. I’ll be keeping an eye out on the 200 day moving for a legitimate break over the next 24 hours.
