Bitcoin rebounded today after diving yesterday toward the $11k level.
Buyers and sellers are still offsetting each others attempts to take the upper hand. Volume has been slightly increasing but we are still far from the required levels in order to provide some trend's momentum.
Stochastic is showing a bullish crossover on the short-term but volume being low and Bitcoin going toward its downtrend from which it keeps being rejected, all those technical tend to hurt the short-term bull case.
Every side keeps holding its ground so we maintain that Bitcoin should whipsaw on the near future, stuck between its downtrend and the $11k support level.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency....................................... .
Buyers and sellers are still offsetting each others attempts to take the upper hand. Volume has been slightly increasing but we are still far from the required levels in order to provide some trend's momentum.
Stochastic is showing a bullish crossover on the short-term but volume being low and Bitcoin going toward its downtrend from which it keeps being rejected, all those technical tend to hurt the short-term bull case.
Every side keeps holding its ground so we maintain that Bitcoin should whipsaw on the near future, stuck between its downtrend and the $11k support level.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency....................................... .
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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.