Some may see this as a cup and handle that so many coins are showing right now (since 21st March). However the volume profile doesn't match as well as I'd like... the volume was very strong pushing up to the left hand side with a lot of sellers falling out as the price then fell to the bottom of the 'cup'. However the volume pushing up into the right hand side is weaker in comparison and it may not (yet) have the strength to complete the pattern to the target (potentially at 38.2% fib 3160).
For the short-term - with the RSI overbought and regular divergence on the 4 hour and also on the MFI, plus bearish hidden divergence on the 1 day RSI (although this is lower than I would prefer for a hidden starting just over 50), I would normally expect a retrace. However the 1 hour RSI already had a strong correction and is showing bullish hidden divergence which may allow the price to make another jump possibly to the 2500 mark at the 23.6% fib.
Mid to longer term - There was a lot of support earlier this year when the price was in the 30-40k region, however there were also frequently sell walls stopping the price from exceeding 40k. We certainly have the volume to support moving higher and likely many holders in that upper region ready to sell! In contrast there were few sellers in the zone between 2500 and perhaps 3150 so with a bit of an increase in volume I would expect a swift move up with demand exceeding supply through the area.
For the short-term - with the RSI overbought and regular divergence on the 4 hour and also on the MFI, plus bearish hidden divergence on the 1 day RSI (although this is lower than I would prefer for a hidden starting just over 50), I would normally expect a retrace. However the 1 hour RSI already had a strong correction and is showing bullish hidden divergence which may allow the price to make another jump possibly to the 2500 mark at the 23.6% fib.
Mid to longer term - There was a lot of support earlier this year when the price was in the 30-40k region, however there were also frequently sell walls stopping the price from exceeding 40k. We certainly have the volume to support moving higher and likely many holders in that upper region ready to sell! In contrast there were few sellers in the zone between 2500 and perhaps 3150 so with a bit of an increase in volume I would expect a swift move up with demand exceeding supply through the area.
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