Good morning, traders. Price remains within the upper half of the local TR. Ultimately, we are still watching for price to move beyond the bounds of the larger, 4H TR. CBOE Bitcoin October futures expire today at 2:45 p.m. EST, so we may see some volatility. As always, traders should remain cautious around expiry.
The 15 minute chart shows price within a descending channel. We can see that RSI is consolidating between a longer resistance line and much more recent support line. A breach of the former should send price up through the top of the local TR to the slightly descending blue resistance line. OBV broke out of the descending wedge but has continued sideways finding support on the horizontal black support/resistance line. MACD is nearing a bearish cross but recently bounced off support in the descending wedge that it is printing.
If we zoom out to the 4H chart, we can see price is finding resistance at the July triangle's resistance where it has been butting up against for the past couple of days. We can also see price printing a symmetrical triangle. A successful breach of the triangle's resistance will result in a target denoted by the blue price line around $6626. As mentioned previously, this will also breach the July triangle and set up a target of $9100. However, as I have spoken about at length numerous times before, the lack of full-bodied candles filling up the white space within the triangle doesn't instill confidence in a bullish breach of the pattern. Instead, what we have is small bodies near the middle of the triangle with long wicks reaching the support and resistance. A bearish breach of the triangle should provide an initial target of around $6280-$6300, which is near the 4H pivot. Traders should watch the 4H OBV as it has continued to rise slightly along with price. RSI remains bullish at 61, but a breach of the support line indicates strength in downward momentum is picking up.
BTCUSD shorts are now up to 34645 and the Shorts/Longs ratio continues to climb, currently sitting at 1.5762. But are we going, and staying, down? That doesn't appear to be the case at the time. Price has been relatively flat for a month and a half now. Bears continue screaming that bulls can't push price up, yet bears can't seem to push it down. The ~$6000 support level has held all year long. We have seen continuous higher lows since the June low (3.5 months). Daily RSI has been printing a symmetrical triangle since June/July, mimicking price's symmetrical triangle over the same period. MACD has been consolidating in a similar manner as well and is about to print a bullish cross on the 1D (but we need to see some slight upward movement at least to do so). OBV on this larger TF has recently breached its descending wedge's resistance, which has been in play since March. It does have a more recent, less steep, descending wedge that has been printing since August which I am watching for OBV to breach bullishly however. If you are the type to chart the altcoin marketcap, then you know that the 1W is nearing a bullish breakout of the descending wedge that it's been printing this year as a bullish MACD cross is printing. So, I have to ask myself, here, when it comes to the big picture, who's really getting played - bulls or bears?
The 15 minute chart shows price within a descending channel. We can see that RSI is consolidating between a longer resistance line and much more recent support line. A breach of the former should send price up through the top of the local TR to the slightly descending blue resistance line. OBV broke out of the descending wedge but has continued sideways finding support on the horizontal black support/resistance line. MACD is nearing a bearish cross but recently bounced off support in the descending wedge that it is printing.
If we zoom out to the 4H chart, we can see price is finding resistance at the July triangle's resistance where it has been butting up against for the past couple of days. We can also see price printing a symmetrical triangle. A successful breach of the triangle's resistance will result in a target denoted by the blue price line around $6626. As mentioned previously, this will also breach the July triangle and set up a target of $9100. However, as I have spoken about at length numerous times before, the lack of full-bodied candles filling up the white space within the triangle doesn't instill confidence in a bullish breach of the pattern. Instead, what we have is small bodies near the middle of the triangle with long wicks reaching the support and resistance. A bearish breach of the triangle should provide an initial target of around $6280-$6300, which is near the 4H pivot. Traders should watch the 4H OBV as it has continued to rise slightly along with price. RSI remains bullish at 61, but a breach of the support line indicates strength in downward momentum is picking up.
BTCUSD shorts are now up to 34645 and the Shorts/Longs ratio continues to climb, currently sitting at 1.5762. But are we going, and staying, down? That doesn't appear to be the case at the time. Price has been relatively flat for a month and a half now. Bears continue screaming that bulls can't push price up, yet bears can't seem to push it down. The ~$6000 support level has held all year long. We have seen continuous higher lows since the June low (3.5 months). Daily RSI has been printing a symmetrical triangle since June/July, mimicking price's symmetrical triangle over the same period. MACD has been consolidating in a similar manner as well and is about to print a bullish cross on the 1D (but we need to see some slight upward movement at least to do so). OBV on this larger TF has recently breached its descending wedge's resistance, which has been in play since March. It does have a more recent, less steep, descending wedge that has been printing since August which I am watching for OBV to breach bullishly however. If you are the type to chart the altcoin marketcap, then you know that the 1W is nearing a bullish breakout of the descending wedge that it's been printing this year as a bullish MACD cross is printing. So, I have to ask myself, here, when it comes to the big picture, who's really getting played - bulls or bears?