BTC market hasn't decide yet
Updated
Good day fellow traders,
I would like to share my perception of BTC intra-day.
Let's start with the outlook which in most opinions is a correction down. For me personally, the market hasn't decided yet. When looking at the recent correction on our indicators it shows both strength and weakness. Bears can't seem to get the price lower into the channel. While bulls seem to keep BTC in a small-ranged structure during the inter-correction phase. If we look at the fib-extension levels, they coincide with the BTC range of the last weeks. If you put an inverse fib extension for the correction phase, the levels will also coincide with the general structure of the last months.
The structure of BTC is still range bound, within a larger channel. So no worries for now. But if the bulls keep this up the probability of a short-term increase will rise.
The influx indicator shows no selling pressure on that side. This means people or definitely not sold yet on the bearish side as well.
i.gyazo.com/a5813d6d7c712d94c60f0d478b7b74ec.png
And as always nobody can see the order books. So market predictions are always probability based.
Best of luck
I would like to share my perception of BTC intra-day.
Let's start with the outlook which in most opinions is a correction down. For me personally, the market hasn't decided yet. When looking at the recent correction on our indicators it shows both strength and weakness. Bears can't seem to get the price lower into the channel. While bulls seem to keep BTC in a small-ranged structure during the inter-correction phase. If we look at the fib-extension levels, they coincide with the BTC range of the last weeks. If you put an inverse fib extension for the correction phase, the levels will also coincide with the general structure of the last months.
The structure of BTC is still range bound, within a larger channel. So no worries for now. But if the bulls keep this up the probability of a short-term increase will rise.
The influx indicator shows no selling pressure on that side. This means people or definitely not sold yet on the bearish side as well.
i.gyazo.com/a5813d6d7c712d94c60f0d478b7b74ec.png
And as always nobody can see the order books. So market predictions are always probability based.
Best of luck
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ADX is showing positive strength (green)
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Decent volume so far, best since last week
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Still no confirmation, so as always monitor for deciding outcomeNote
We can definitely see the aforementioned strength, fighting the resistance of the last weeks
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expanding wedge watch for price action if and when we reach top
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after a healthy correction, the market is looking for a bullish continuation. Need to push higher to completely reestablish that
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We are still in a larger descending channel
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trying to break short term bearish momentum
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