PRICE ACTION
BTC has remained in the lower half of its rising pattern as $5250 continues to be resistive. Looking at the 1D chart, the indecision candle was followed by a red daily close; although volume has been weak on both sides.
Over the last 24 hours; the 5m chart shows price has ranged between 5150-5300 and RSI has predominantly been below 50. Factor this with the bearish divergence on the 4H chart; and the analysis continues to tend towards the downside.
OPEN INTERESTS (BITFINEX)
Long: 2.38 Days
Short: 1.71 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5350, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4412 (28D MA)
PREVIOUS ANALYSIS
BTC has remained in the lower half of its rising pattern as $5250 continues to be resistive. Looking at the 1D chart, the indecision candle was followed by a red daily close; although volume has been weak on both sides.
Over the last 24 hours; the 5m chart shows price has ranged between 5150-5300 and RSI has predominantly been below 50. Factor this with the bearish divergence on the 4H chart; and the analysis continues to tend towards the downside.
OPEN INTERESTS (BITFINEX)
Long: 2.38 Days
Short: 1.71 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 5350, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4412 (28D MA)
PREVIOUS ANALYSIS