After hitting resistance at R1, BTC has sold back down to the S1 level. We've seen a drop off of bearish momentum and a very anemic bounce. Notice that the trading range is much tighter than the previous attack on S2. This tells me that while the bulls are willing to buy in earlier than before, the bears are standing their ground. If S1 and trendline holds, a return to R1 is probably IMO. If S1 breaks, I suspect there will be buyers at S2 but if not this would be a pretty serious breach of support. At S1 and S2, I am bullish, below that I am bearish.
wh C-MA (x2): Both long-term and short-term MA momentum has slowed as we hit resistance but we are still MA momentum is still bearish. Price is above the short-term MA though so we will likely see the landscape change pretty soon one way or another.
wh C-MA (x2): Both long-term and short-term MA momentum has slowed as we hit resistance but we are still MA momentum is still bearish. Price is above the short-term MA though so we will likely see the landscape change pretty soon one way or another.
Comment:
wH Momentum+
Both long-term and short-term Momentum+ indicators are still bearish, with momentum falling off on both the bear and bull sides as price stalls at resistance.
Notice the olive-green band--this is a weak reversal signal which usually indicates at least a stall in future momentum (which is playing out)
Both long-term and short-term Momentum+ indicators are still bearish, with momentum falling off on both the bear and bull sides as price stalls at resistance.
Notice the olive-green band--this is a weak reversal signal which usually indicates at least a stall in future momentum (which is playing out)
Price is trading in the center of the channel but has not decisively crossed into bullish territory yet.