Are Bitcoin bears running away too early?
PRICE ACTION
While BTC continues to test the resistance at 5300; short positions had a noticeable decline today; dropping by roughly a half days trading volume. Given the green grind for the last week; this wouldn’t seem too unusual at face value...however when factoring in the RSI on the 1D chart and the overhead resistance coming up – in the form of the 52W MA; this suggests poor planning on the part of bear traders.
4H RSI continues to show weakness; despite the low volume upward trend. Look for prices below 5100 as an indicator of downward opportunity.
OPEN INTERESTS (BITFINEX)
Long: 2.46 Days
Short: 1.59 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5350, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4317 (28D MA)
PREVIOUS ANALYSIS
While BTC continues to test the resistance at 5300; short positions had a noticeable decline today; dropping by roughly a half days trading volume. Given the green grind for the last week; this wouldn’t seem too unusual at face value...however when factoring in the RSI on the 1D chart and the overhead resistance coming up – in the form of the 52W MA; this suggests poor planning on the part of bear traders.
4H RSI continues to show weakness; despite the low volume upward trend. Look for prices below 5100 as an indicator of downward opportunity.
OPEN INTERESTS (BITFINEX)
Long: 2.46 Days
Short: 1.59 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- 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, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4317 (28D MA)
PREVIOUS ANALYSIS
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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.