THESE ARE THE FACTS
We are still under a death cross
We have not made a higher high yet.
We have not surpassed major resistance.
Volume is only moderate.
Even though we saw a massive green candle we are still on a downtrend, so short term traders make sure to use your stop losses. If I was in for short or midterm trading I would be nervous that he death cross could yank the leash any second.
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WHAT IS HAPPENING RIGHT NOW
This is the "Total Market Capitalization" chart. Price has not been able to get over the 200MA over the last 4 days, which is how an asset behaves during a death cross. Typically what happens is that it will try to go over the 200MA or 50MA until it becomes clear that there are no buyers and then it will fall to the nearest strong support. There's mad support just below where the price action is sitting but it may not be enough.
I'm not liking the looks of it at all. If I had short term goals I would close my position right now. Why? Too much resistance and not enough volume. We can always hop back on the pullback and upon confirmation.
SPECULATION
That big up move was just to cash in on short positions and what we see left is the carcass, with no real buyers BTC's price may start to come down and behave more like it should while under a death cross.
Also, there's the 50MA on the 3D still stopping any further move up. Just something to think about for mid to short term traders.
You can still jump in but set Stop losses and make sure they are not too low.
This is a link to my live chart so you can keep an eye on that battle. www.tradingview.com/chart/0FJOpaqx/
We are still under a death cross
We have not made a higher high yet.
We have not surpassed major resistance.
Volume is only moderate.
Even though we saw a massive green candle we are still on a downtrend, so short term traders make sure to use your stop losses. If I was in for short or midterm trading I would be nervous that he death cross could yank the leash any second.
Please hit the Like button and Subscribe so that I can keep bringing this daily TA to you.
WHAT IS HAPPENING RIGHT NOW
This is the "Total Market Capitalization" chart. Price has not been able to get over the 200MA over the last 4 days, which is how an asset behaves during a death cross. Typically what happens is that it will try to go over the 200MA or 50MA until it becomes clear that there are no buyers and then it will fall to the nearest strong support. There's mad support just below where the price action is sitting but it may not be enough.
I'm not liking the looks of it at all. If I had short term goals I would close my position right now. Why? Too much resistance and not enough volume. We can always hop back on the pullback and upon confirmation.
SPECULATION
That big up move was just to cash in on short positions and what we see left is the carcass, with no real buyers BTC's price may start to come down and behave more like it should while under a death cross.
Also, there's the 50MA on the 3D still stopping any further move up. Just something to think about for mid to short term traders.
You can still jump in but set Stop losses and make sure they are not too low.
This is a link to my live chart so you can keep an eye on that battle. www.tradingview.com/chart/0FJOpaqx/
