PRICE ACTION
28D MA has crossed above the 13W MA; and in the process created a new local high @ just under $190. On the 4H chart, this movement has created a bearish divergence which has pivoted the overall position to bearish.
Bulls should be looking for a retest and support off the $170 range to help build a case that prices won’t return to test $120 again. The biggest concern is that price has significantly moved away from the averages; which are currently down below $150.
OPEN INTERESTS (BITFINEX)
Long: 2.98 Days
Short: 0.40 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 147 (28D MA)
PREVIOUS ANALYSIS
28D MA has crossed above the 13W MA; and in the process created a new local high @ just under $190. On the 4H chart, this movement has created a bearish divergence which has pivoted the overall position to bearish.
Bulls should be looking for a retest and support off the $170 range to help build a case that prices won’t return to test $120 again. The biggest concern is that price has significantly moved away from the averages; which are currently down below $150.
OPEN INTERESTS (BITFINEX)
Long: 2.98 Days
Short: 0.40 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Flat
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 147 (28D MA)
PREVIOUS ANALYSIS