On the 8 hour, 12 hour and daily time frames the MACD has been showing weakening levels of negative momentum throughout the greater half of this range now. This could be validation of seller exhaustion as we are now due to flip positive here in the coming day or so IF the MACD trends are to continue across all of these different TFs.
I drew a pattern but whats most important right now is the seller wall created from the fakeout high last week in tandem with the high from today's price action it has created. If and when this wall is broken it could trigger a final death blow to the bears if they fail to regain momentum soon.
The last time we flipped positive on the 12 hour MACD while closing above the 21 EMA, Bitcoin exponentially ran up 20%.
I drew a pattern but whats most important right now is the seller wall created from the fakeout high last week in tandem with the high from today's price action it has created. If and when this wall is broken it could trigger a final death blow to the bears if they fail to regain momentum soon.
The last time we flipped positive on the 12 hour MACD while closing above the 21 EMA, Bitcoin exponentially ran up 20%.
Comment:
Bitcoin now sits 31740 and is currently attempting to breakout of its range up 4% for the day. There are things to watch for as warning signs: bearish divergence on the daily and weekly chart puts this breakout at tremendous risk of failing. The hope is that the alt coin market can continue to provide liquidity to the market. If this does begin to pullback, look for a back test of 31000.
