We have failed to make a new HH and have gotten rejected on the 8.3k range TWICE, thus creating a double top. A head & shoulders formation seems to be forming on the 4HR timeframe. My Target is listed on the chart for a re entry if this formation does play out. Trade safe and have amazing Tuesday!
1) I can see a clear divergence formation
2) Volume is falling on this BTC local growth
3) CME is telling that Asset Managers and Leveraged Funds are shorting BIG despite this rally
4) Longs are keep falling on Bitfinex. Shorts are rising against the trend
That is indeed a very weak short-term rally. I doubt it breaks 4250 and stays where. Fundamentally media...
BTCUSD struggling and the weekly chart was closed below a powerfull resistance line which means we need a re-test of a 200MA which is situated at 3400-3409$. Stochastic RSI is overbought and probably in the next week we will have a bearish cross.
At RSI we see clearly,was rejected.
In my opinion bottom was hitted BUT we need to test once again 200MA. Good luck
We have been consolidating sideways for a while now between 6400-6600, for me this is no mans land, a few indicators are looking bearish to me though..
According to futures data 72.35% of retail traders are long, thats ammo for a large down move in my opinion, although we have BAKKT coming up next month so i am bullish, but for now expecting a slow move...
Bitcoin has been gaining lots of positive momentum, especially from news about the ETF. If you look on the WEEKLY chart (I will publish below) you can see our MACD has crossed and momentum is shifting NORTH on the large scale. STOCH RSI has also shifted north on this large time frame. SO the next bull run could be starting now. I see the Waves on this chart as...