Hello investors and traders, on the last post we explained how to get short term trades using the Money Flow Index (MFI). If you haven't read that out we highly recommend checking the link attached below this post. Right now the MFI 5 on the 4-hour chart has just come from overbought which usually signals a drop. Seeing as we are also hugging the 21 Moving Average on the daily but still below it, that tells us two things. Firstly, BTC is at indecision when it comes to price action and lastly there could be much more Selling than Buying pressure.
The MFI 5 started trending down at the close of $9509 therefore factoring in a 3% retrace, the range $9500-9800 should be ideal for a Long EXIT or Short ENTRY both using trailing stops. Please neither forget nor hesitate showing your support by leaving a LIKE and COMMENTING as it don't cost you a thing but motivates me a lot to post more updates. Thanks.
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The MFI 5 started trending down at the close of $9509 therefore factoring in a 3% retrace, the range $9500-9800 should be ideal for a Long EXIT or Short ENTRY both using trailing stops. Please neither forget nor hesitate showing your support by leaving a LIKE and COMMENTING as it don't cost you a thing but motivates me a lot to post more updates. Thanks.
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This is the exact selling pressure we were discussing about