BTC multiday ranging market update
Updated
My post yesterday showed how BTC price action was ranging on a 4H and how we actually had a little regular bullish divergence. Today I zoom into a 2H chart to get a slightly better short term perspective. We see hidden bullish divergence there which suggests continuation of this mildly positive trend. 2H stoch has also reversed and is pointing north and so is the 4H as well with plenty of room to continue. Momentum seems positive for now but weak. My view hasn't changed, we are trending. If you managed to get into the trade a couple of days ago when we first had the little trend change you are up between 2% and 3%. I would recommend to scale out a part of your trade. The fact that the 1D stoch hasn't bottomed is capping any stronger gains in the market.
Immediate support at 4900.
Zooming out to look at the market as a whole, no real change mkt cap is still around 172bn. I would say 40% of coins are up, 60% down so very much a mixed bag.
By the end of the weekend I will post some longer term analysis looking at the 1D to see what trading perspectives we have heading into Easter.
Remember always DYOR!
Immediate support at 4900.
Zooming out to look at the market as a whole, no real change mkt cap is still around 172bn. I would say 40% of coins are up, 60% down so very much a mixed bag.
By the end of the weekend I will post some longer term analysis looking at the 1D to see what trading perspectives we have heading into Easter.
Remember always DYOR!
Note
Just to clarify regarding support....a 2H candle close below 5000 to 5030 would be bearish. Falls below 4900 would imply further downside.
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