The price action on a 15 or 5m chart looks very scary. The RSI and MACD histogram seem like they are coming down. We also have a three drives pattern. Obviously, the long-term direction is up, but I think now is a good time to go short in terms of risk-reward.
Technically speaking, bitcoin appears to be ready to go up. The RSI seems to have turned the corner and the MACD histogram looks ready to go up as well. The daily chart is a bit disconcerting, however. Also, there appears to be a pennant on the 1h chart.
I just went short at 70.25. The MACD histogram and RSI seem to have topped out. The MACD itself seems like it is ready to turn around, but the line can be a bit laggy on intraday charts in particular. Morever, there is a significant divergence between the MACD historgram and price.
Dollar yields seem like they are ready to come off their highs so I am going to try a long trade. I will likely sell if it can't hold .7060 or if I see yields looking like they wanna go up some more. I will likely be afk and using my mobile trading app so I probably won't update this til much later.
First of all, the price seems to be precipitously toeing the edge of a cliff, but it has not fallen off yet.
The MACD and RSI have turned the corner and both appear to be coming down. However, bear in mind that the price has not responded so far and we may be in the midst of a measured move (eg, a flag, pennant, etc). For comparison and contrast, EURUSD and GBPUSD...
The fundamentals of rising U.S. interest rates are the backdrop for this rise in the U.S. dollar.
Technically speaking, one can see positive divergences (in red) between the price and both the MACD and RSI indicators.
Moreover, an EW may be forming, and if so, we are likely at point 3 in that case.
Finally, the price seems to have broken out of a flag to the...