PRICE ACTION
The last 24 hours has been a nice relief rally; with consistent higher highs and higher lows. Volume, although low, has been reasonably stable as well – which is a good thing. Of a little concern though, is that the 5m RSI has been diverging from the upward price action. This is worth watching closely...
4H chart shows an indecision doji at this rallies peak, that’s concerning as well.
The 13W MA has now crossed over the 26W MA; and provided this week doesn’t crash the price – should confirm the bullish cross on weekly close. With the 13W holding as support; we should expect price to break back to the upside on the 28D MA – but it is hyperbole until we see the capital roll in to make it happen.
Tether confirmed they are only holding 75% reserves for USDT; so it will be important to prepare for how the market reacts to that news. You can be the best trader on earth; but if you go all in on every trade; someone will also draw a flush and send you home eventually.
OPEN INTERESTS (BITFINEX)
Long: 1.62 Days
Short: 0.47 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 168 (28D MA), 180, 190
Support: 160, 155, 149 (13W MA)
PREVIOUS ANALYSIS
The last 24 hours has been a nice relief rally; with consistent higher highs and higher lows. Volume, although low, has been reasonably stable as well – which is a good thing. Of a little concern though, is that the 5m RSI has been diverging from the upward price action. This is worth watching closely...
4H chart shows an indecision doji at this rallies peak, that’s concerning as well.
The 13W MA has now crossed over the 26W MA; and provided this week doesn’t crash the price – should confirm the bullish cross on weekly close. With the 13W holding as support; we should expect price to break back to the upside on the 28D MA – but it is hyperbole until we see the capital roll in to make it happen.
Tether confirmed they are only holding 75% reserves for USDT; so it will be important to prepare for how the market reacts to that news. You can be the best trader on earth; but if you go all in on every trade; someone will also draw a flush and send you home eventually.
OPEN INTERESTS (BITFINEX)
Long: 1.62 Days
Short: 0.47 Days
RELATIVE STRENGTHS
- Micro (5m): Bearish Divergence
- Short Term (4h): Strengthening
- Mid Term (1D): Lower Low
- Macro (1W): Flat
ON BALANCE VOLUME
- Mid Term (1D): Falling
- Macro (1W): Flat
KEY PRICE AREAS
Resistance: 168 (28D MA), 180, 190
Support: 160, 155, 149 (13W MA)
PREVIOUS ANALYSIS