Why we are stalling this weekend (weekly)
We are sandwiched between important trendlines and about to test the weekly RSI bearish control zone. If you wanted to see sign of strength out of Bitcoin would be a monumentous pump out of this zone. It is more than likely that the market maker fills his hedge or short positions here, whilst the retail investor loads up on Bitcoin and Bitcoin perps on 'the bear market trendline' break.
Directly above a cluster of moving averages reside and are dictating the bear market trend. In order to confirm this bear market, the price action needs to aggressively break these moving averages and come down to a retest in order that they curl up. It is best to wait for the next 2 weekly closes to confirm the trend. Good time to sit on your hands,
On the 4hr timeframe, published just before, I zoom in on the zone and a triple bearish divergence on RSI. Another warning to be very careful.
Directly above a cluster of moving averages reside and are dictating the bear market trend. In order to confirm this bear market, the price action needs to aggressively break these moving averages and come down to a retest in order that they curl up. It is best to wait for the next 2 weekly closes to confirm the trend. Good time to sit on your hands,
On the 4hr timeframe, published just before, I zoom in on the zone and a triple bearish divergence on RSI. Another warning to be very careful.
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