Bitcoin is still looking weak, trading below the range and showing little ability to take the range lows. Trading Alpha is still showing bearish dots on every meaningful time frame, with price below the track line. Further, we STILL have not hit oversold yet on RSI after having bearish divergence with overbought conditions in March. The good news? One more decent push down should get us there, and we don’t HAVE to get there at all.
Lower time frames hit oversold, so another lower low on price would likely give us bullish divergence across the board (not the daily for now).
I see no reason to do much at the moment. This is a normal bull market correction for now, but we have no clear signals as to when it will end.
Lower time frames hit oversold, so another lower low on price would likely give us bullish divergence across the board (not the daily for now).
I see no reason to do much at the moment. This is a normal bull market correction for now, but we have no clear signals as to when it will end.
scott.melker@texaswestcapital.com