well, yesterday was something that i did not expect at all, such a recovery in such a quick time? there are two hypothesis right now, the influence of equities market especially the US stocks market recovering in response to feds financial support programs, or heavy manipulation by whales?
either way i am not convinced that the downward movement has reached to the end and looking at the daily chart we can see that the conversion line is below the base line, which could be a signal of further downward movement, but we are still above the daily cloud (and 4H cloud as well) which is bullish in nature and in a matter of a drop we could expect some support to cushion the blow.
daily momentum is still in negative territory and Woodi's CCI shows some signs of overbought condition. so in near term i expect to see some movement towards the lower 9K territory or even a little bit lower. but yet again its BTC after all and I've been proved wrong before, especially yesterday. so if you are going to trade, always do your own homework and don't take anyone's idea as trading advice, most of all mine ;-))
trade safe and have fun all along.
either way i am not convinced that the downward movement has reached to the end and looking at the daily chart we can see that the conversion line is below the base line, which could be a signal of further downward movement, but we are still above the daily cloud (and 4H cloud as well) which is bullish in nature and in a matter of a drop we could expect some support to cushion the blow.
daily momentum is still in negative territory and Woodi's CCI shows some signs of overbought condition. so in near term i expect to see some movement towards the lower 9K territory or even a little bit lower. but yet again its BTC after all and I've been proved wrong before, especially yesterday. so if you are going to trade, always do your own homework and don't take anyone's idea as trading advice, most of all mine ;-))
trade safe and have fun all along.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.