BTC bulls are weak
Reasons why I am short :
The daily RSI hit a top with a lower price than before - bearish divergence
Daily Ichimoku is pushing down the price on the daily - this is very strong resistance
4hr is showing bulls are exhausted - increasing bear volume
btcusdlongs look extended and we aren't seeing any follow through from the bulls - no momentum
btcusdshorts are very low and close to support
No bullish indications from alts either
Good luck!
The daily RSI hit a top with a lower price than before - bearish divergence
Daily Ichimoku is pushing down the price on the daily - this is very strong resistance
4hr is showing bulls are exhausted - increasing bear volume
btcusdlongs look extended and we aren't seeing any follow through from the bulls - no momentum
btcusdshorts are very low and close to support
No bullish indications from alts either
Good luck!
Note
The bulls are buying the dips - which can clearly be seen on the 1hr; however I am still leaning bearish. We will likely see the break sometime today. If you are not in a trade I would recommend sitting this one out - not worth the risk.Note
Things are looking pretty bullish short term, we may see a move up within the next few hours. Whether there will be enough follow through to push us over the ih&s line is another question. Patiently waiting.
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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.