Tough MA Resistance ahead. Both the 100 and the 128 day Moving Average are proving to be a difficult area for Bitcoin. My prediction is that a Short Squeeze will likely drive Bitcoin past this resistance area. Bitcoin in the past has found itself in similar situations, given its recent dominance increase to over 46% compared to altcoins, an important indicator with regards to the market sediment, leads me to believe that the news regarding the Bitcoin ETFs has more speculative fuel then what we have already experience this week.
Keep in mind the CMF Buying volume, which historically has been a fairly accurate indicator when trading cautiously around Bitcoin in terms of timing an exit into fiat, has decreased a bit the last few days. This is not a great sign especially since Bitcoin is currently at a strong resistance area. However, I believe this is merely a temporary stage and that the CMF buying volume of Bitcoin will continue to dominate its selling volume in the short term. At least up until the ETF news perhaps.... or a few days earlier. In which case we may continue to see the price of Bitcoin rally while buying strongly decreases .
Sidenote: An example of this can be view under the daily chart of Bitcoin around the price of 16k towards 20K. The price kept increasing while the CMF Buy volume decreased. This was a clear bearish divergence, and a strongly signal that the market price of $18,000-20,000 per Bitcoin was indeed the approaching-or-the top. This indicator at that time suggested strongly that the time to start taking profits and convert holdings into FIAT or $USDT has been reached.
Keep in mind the CMF Buying volume, which historically has been a fairly accurate indicator when trading cautiously around Bitcoin in terms of timing an exit into fiat, has decreased a bit the last few days. This is not a great sign especially since Bitcoin is currently at a strong resistance area. However, I believe this is merely a temporary stage and that the CMF buying volume of Bitcoin will continue to dominate its selling volume in the short term. At least up until the ETF news perhaps.... or a few days earlier. In which case we may continue to see the price of Bitcoin rally while buying strongly decreases .
Sidenote: An example of this can be view under the daily chart of Bitcoin around the price of 16k towards 20K. The price kept increasing while the CMF Buy volume decreased. This was a clear bearish divergence, and a strongly signal that the market price of $18,000-20,000 per Bitcoin was indeed the approaching-or-the top. This indicator at that time suggested strongly that the time to start taking profits and convert holdings into FIAT or $USDT has been reached.