Will Bitcoin show us a sign of strength?
Updated
A Wyckoff study.
Looks like an up-sloping re-accumulation Trading Range. Price moved back on to the midline. BTC may show a sign of strength towards 5800 historic S/R zone and test the area.
If you look at RSI indicator you can see upward break of the channel. That feels like supporting the spring action idea. Sign of strength bar might follow.
PS: Not an investment advice. Always take calculated risks. And put a stop loss, protect your capital. We've already lost a lot of good traders. :)
Looks like an up-sloping re-accumulation Trading Range. Price moved back on to the midline. BTC may show a sign of strength towards 5800 historic S/R zone and test the area.
If you look at RSI indicator you can see upward break of the channel. That feels like supporting the spring action idea. Sign of strength bar might follow.
PS: Not an investment advice. Always take calculated risks. And put a stop loss, protect your capital. We've already lost a lot of good traders. :)
Note
Here's the situation as I see it:We've reached the resistance of the up-sloping channel.
Demand wasn't there to break it (compare the small spread and green wicks to the diminishing volume below them). So sellers could easily push price into the channel again.
That tiny selling pressure also seems to be diminishing by the time I'm writing this comment.
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