BTC 4h update: The tip-toeing bulls
BTC making some progress here. Although it's a delicate trading-scape, the grind up is nice to see for hodlers. Just doesn't seem to be enough selling pressure to scare anyone. Woo's on-chain analysis suggests spot buying demand remains strong, and pullbacks result in whales scooping up cheaper coins and taking them off exchanges. As long as that's happening, it's safer to be long.
What I like: the RSI broke out to the upside, MACD crossed to the upside, and nothing major standing between current prices and the next psychological resistance - whatever that may be.
What I don't like: despite some rising volume, it is still relatively weak compared to recent ATH moves, though I think we're well beyond what might be referred to as "anemic" volumes.
My take: If you're a holder, nothing to be excited about or afraid of here. Keep doing what you're doing. If you're trading, I like the bounce off of the rising wedge @ 50.4k-ish, but it's hard to get excited about a trade here when the volume is sluggish. That said, it's hard to imagine wanting to short here. I'd let organic buying and selling lead the way here, and stay out of the way.
What I like: the RSI broke out to the upside, MACD crossed to the upside, and nothing major standing between current prices and the next psychological resistance - whatever that may be.
What I don't like: despite some rising volume, it is still relatively weak compared to recent ATH moves, though I think we're well beyond what might be referred to as "anemic" volumes.
My take: If you're a holder, nothing to be excited about or afraid of here. Keep doing what you're doing. If you're trading, I like the bounce off of the rising wedge @ 50.4k-ish, but it's hard to get excited about a trade here when the volume is sluggish. That said, it's hard to imagine wanting to short here. I'd let organic buying and selling lead the way here, and stay out of the way.
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