Just a quick update, this is a possible critical pivot point. We are almost ready to cross the Dark Green 1.618 fib circle set that is based on the low to high point of the previous upward swing channel. This will either be the beginning of a strong continuance to the up-side, or the continuation of what I think is a return to a bearish development.
I'm giving the odds to the favor of a turn to the down side, because the stochastic is already in the overbought area, and we are still in a micro bearish trend. Plus this is taking into consideration that we have very light and declining volume that doesn't really explain why we had this little micro run in the first place.
That doesn't mean BTC won't pop up for another several green candles. We have seen it in the past where bullish movements can repeat after the stochastic has crossed into the overbought zone.
Should know the answer to this one by morning!
Carlton Flowers
The CryptoPro
I'm giving the odds to the favor of a turn to the down side, because the stochastic is already in the overbought area, and we are still in a micro bearish trend. Plus this is taking into consideration that we have very light and declining volume that doesn't really explain why we had this little micro run in the first place.
That doesn't mean BTC won't pop up for another several green candles. We have seen it in the past where bullish movements can repeat after the stochastic has crossed into the overbought zone.
Should know the answer to this one by morning!
Carlton Flowers
The CryptoPro