BTC Choppy uptrend for the near future (Update).
Previous chart:
(UPDATE): I have had to reallocate the sell targets.
As stated in the previous chart we saw some volatile and unpredictable ups and downs in price movement. Although it seems to be nearing an end.
RSI on all time frames except 4hr (a little bit of room to go up) and 1d (currently holding this piece together temporarily) are looking overbought.
MACD is basically the same story except on the weekly frame, where BTC seems to be bottoming out.
This weak rally has not been able to push harder than I expected, bulls are weak. Little buyers on net volume. Therefore the EMA hasnt been able to slant upwards.
200EMA landing just on the horizontal resistance of 7777 and the resistance of 8000. Every time we go under that EMA (pink line) we really struggle to pierce through it (check history of BTC).
This, in my opinion, will make it very hard for BTC to push 8k.
Therefore, it would be logical to retest 6800 to 6600 on the levels of the pump we saw on April 12th.
We also see 31k longs vs 21k or so shorts. It would also be logical to see a total shake out of longs to balance out with shorts before the next official bull run.
Hence a squeeze reinforces this idea and even means that BTC would go under 6k, with temporary station stops around 66 and 64.
However, as a swing trader I believe in mid-term trading, and this is what the market tells me.
SUMMARY:
Sell 78-8.
Buy 66-68.
I will make a long term chart soon to test my analysis.
(UPDATE): I have had to reallocate the sell targets.
As stated in the previous chart we saw some volatile and unpredictable ups and downs in price movement. Although it seems to be nearing an end.
RSI on all time frames except 4hr (a little bit of room to go up) and 1d (currently holding this piece together temporarily) are looking overbought.
MACD is basically the same story except on the weekly frame, where BTC seems to be bottoming out.
This weak rally has not been able to push harder than I expected, bulls are weak. Little buyers on net volume. Therefore the EMA hasnt been able to slant upwards.
200EMA landing just on the horizontal resistance of 7777 and the resistance of 8000. Every time we go under that EMA (pink line) we really struggle to pierce through it (check history of BTC).
This, in my opinion, will make it very hard for BTC to push 8k.
Therefore, it would be logical to retest 6800 to 6600 on the levels of the pump we saw on April 12th.
We also see 31k longs vs 21k or so shorts. It would also be logical to see a total shake out of longs to balance out with shorts before the next official bull run.
Hence a squeeze reinforces this idea and even means that BTC would go under 6k, with temporary station stops around 66 and 64.
However, as a swing trader I believe in mid-term trading, and this is what the market tells me.
SUMMARY:
Sell 78-8.
Buy 66-68.
I will make a long term chart soon to test my analysis.
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