BTC after a nice and strong move BTC stuck at resistance which was formed around the summer of 2022. As soon as it touch resistance it fell down which is a sign of a tweaking process.
The volume is really bad. On Sunday they pump it up on no volume at all, pure fake out.
BTC is above all major MA but likely not for long.
RSI is at an extreme which is not unusual for bitcoin but also has strong bearish divergences.
MACD same as RSI, weak with strong bearish divergences.
Overall: even though BTC had a strong move up, it is likely at its end, just as were analyses a weak ago. RSI and MACD need to cool down to even think about the new move-up. We will see how the will price consolidate, will there be a sharp retreat from this level with a big volume or it will be a heating consolidation?
However, it is a sell signal because most of this pump was on small volume and most of that volume was only short covering and short squeeze not so much buying. Support could be a blue dotted line and then BigRed aka 200 MA.
The volume is really bad. On Sunday they pump it up on no volume at all, pure fake out.
BTC is above all major MA but likely not for long.
RSI is at an extreme which is not unusual for bitcoin but also has strong bearish divergences.
MACD same as RSI, weak with strong bearish divergences.
Overall: even though BTC had a strong move up, it is likely at its end, just as were analyses a weak ago. RSI and MACD need to cool down to even think about the new move-up. We will see how the will price consolidate, will there be a sharp retreat from this level with a big volume or it will be a heating consolidation?
However, it is a sell signal because most of this pump was on small volume and most of that volume was only short covering and short squeeze not so much buying. Support could be a blue dotted line and then BigRed aka 200 MA.
Consistency is the key of success....
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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.
Consistency is the key of success....
Related publications
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.