BitcoinShort
Are Bitcoin bulls running out of steam?
PRICE ACTION
Price continues to fill out the ascending pattern; which should give us a cleaner read over the next 24-48 hours. However, on the 1D chart we could be setting up a hidden bullish divergence – with RSI about to break lower than its trending support.
The 5m chart has been incredibly volatile over the last 48 hours; and the 1D is showing its first significant red day in over a week. Prices below $5100 will still be the indicator for bulls running out of steam so watch that area closely.
OPEN INTERESTS (BITFINEX)
Long: 2.44 Days
Short: 1.68 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5350, 5819 (52W MA), 6200
Support: 4880, 4434 (26W MA), 4363 (28D MA)
PREVIOUS ANALYSIS
Price continues to fill out the ascending pattern; which should give us a cleaner read over the next 24-48 hours. However, on the 1D chart we could be setting up a hidden bullish divergence – with RSI about to break lower than its trending support.
The 5m chart has been incredibly volatile over the last 48 hours; and the 1D is showing its first significant red day in over a week. Prices below $5100 will still be the indicator for bulls running out of steam so watch that area closely.
OPEN INTERESTS (BITFINEX)
Long: 2.44 Days
Short: 1.68 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 5350, 5819 (52W MA), 6200
Support: 4880, 4434 (26W MA), 4363 (28D MA)
PREVIOUS ANALYSIS
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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.
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.