On the daily we are close to a ma cross over (12 and 26 period) - in line with a few weaker resistance levels - in the past the bulls have enjoyed breaking multiple levels at once (especially weaker ones). Also, this last move up has not given back a lot (very little retracement) - compared to the previous ones. ETH is defending the 128 with big buys and looks to...
Great! For those that took the short :
Take some profit now, exit the rest around 3594 (remember to adjust those stop losses so you do not lose any money). I would say a nice short entry target if we manage to get back up there is 3891.
I think the rest of the day will be quiet, with more downside happening sometime tomorrow / over the weekend - two possible...
Reasons why I am short :
The daily RSI hit a top with a lower price than before - bearish divergence
Daily Ichimoku is pushing down the price on the daily - this is very strong resistance
4hr is showing bulls are exhausted - increasing bear volume
btcusdlongs look extended and we aren't seeing any follow through from the bulls - no momentum
BTC broke the triangle bullish. Currently healthy consolidation on the 4hr - declining bear volume. Also, we have a hammer on the weekly.
We need to break and close above 4237 (red line) level with good volume for the inverted h&s setup to come into play.
There are some warning signs on the daily - the volume isn't very convincing but it was enough to make the...
We have the following bullish setup :
The big inverted h&s pattern on the daily - that everyone knows about
Yesterday's close is a bullish hammer - with decent volume
No increasing bear volume on the daily
We are currently above the daily 12 and 26 EMA - which will hopefully act as support
A daily close above 39xx would significantly increase the odds for...