Looks like it might be good for a small scalp short down to support to flip long in hopes of breaking through resistance above. I'm probably going to wait for confirmation on this one but it looks decent. Lines up with FIBS well too if you measure it.
As we made a lower-high compared to 58K. We started to see drastically reducing Open Interest & Volume despite the price rising. Normally if price is going up on low volume, it just means sellers aren't interested in the moment, but when combined with a dropping OI level, it normally means the price is experiencing a weakening bullish trend and a dip or...
This COULD be the bottom IF:
1) We see bullish volume coming into the market
2) We hold the lower yellow dotted line
3) We make a higher-high as indicated on the chart
If we fall below the dotted line, my first target is the 1.618 FIB Extension
and the RED box area. This area would be our last line of support before
taking a very serious dive down into the 8000's.
- Looks like if this area here doesn't hold my next target zone will be between 9.6-10.5. (Major 1D/ 1W Support)
- A close at the current level will be the first time in 2 weeks/
- Not bearish by nature, but this isn't looking good
- Looks like a liquidity hunt for over-leveraged longs
Fib Analysis: BITSTAMP:BTCUSD
Looking to target anywhere between 9200-9500 for a retracement (.382 of the most recent move from bottom to top on the 4HR). Of course if this is our top we could go lower, but if we see a reversal upwards from my target levels than the uptrend is over and I will flip long. If we continue deeper from 9200-9500, I would expect...
Finally broke out of the descending channel to test the bottom of the cloud. Turned the 50EMA into support. Will be setting an alert for when this breaks above the cloud for a LONG signal. Other indicators turning bullish, however I would like to see a positive "0-line" cross for confirmation after the cloud cross.