Bitcoin is exhausting the long drive down.
ADX and -DI are sloping down meanwhile a bullish DI divergence is taking shape (not shown).
Seems like a relief really can start quite soon, oversold conditions and Shorts near all time high could encourage an explosive rally.
However as per my analysis of two months ago we still hovering in the uncertainty area (shown in the blue box) so a clear medium term direction is not defined yet. A bearish bias is quite strong.
Short term a short relief rally is quite likely looking at the indicators provided we do not close below 6000USD on a daily. (full daily candle below 6k)
Trade with caution as uncertainty leads to extreme volatility.
Seems like a relief really can start quite soon, oversold conditions and Shorts near all time high could encourage an explosive rally.
However as per my analysis of two months ago we still hovering in the uncertainty area (shown in the blue box) so a clear medium term direction is not defined yet. A bearish bias is quite strong.
Short term a short relief rally is quite likely looking at the indicators provided we do not close below 6000USD on a daily. (full daily candle below 6k)
Trade with caution as uncertainty leads to extreme volatility.
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