BTC - Breaking FUD, Still Not Clear
After a turbulent past few days with the PBOC Debacle© (I'm copyrighting this, fight me), things are looking up with BTC. However, let's not get ahead of ourselves just yet.
MACD crossing up and looking like it might have a sharp run up is great. RSI is overbought, and we need it to stay above the buy zone for a while. We have a mini inverse HnS forming on the 4H chart here, and price is reacting in an upward motion. The 10EMA looks like its poised to make a run to catch up with the 30EMA, and we're currently (at time of writing) sitting above the 30EMA for the first time in a couple days. While signs appear to be more positive than negative, we have to be aware of the other side. Getting caught in euphoria will get you slaughtered in crypto.
Volume is still far from what I'd like to see in order to seriously compete with 2 critical resistance points. The first is this downward sloping trendline, which sits around $4440 to 4480, depending on how rapid BTC wants to move, and then a fairly strong resistance point around the $4600 to 4650 area. Gassing up to break two resistance points requires more volume than what we're seeing, so let's hope we get a volume spike in the next day or so.
Keep an eye on BTC, the cryptocommunity still very much depends on its success (or at least stability if you're heavy into the alt game as I am)!
MACD crossing up and looking like it might have a sharp run up is great. RSI is overbought, and we need it to stay above the buy zone for a while. We have a mini inverse HnS forming on the 4H chart here, and price is reacting in an upward motion. The 10EMA looks like its poised to make a run to catch up with the 30EMA, and we're currently (at time of writing) sitting above the 30EMA for the first time in a couple days. While signs appear to be more positive than negative, we have to be aware of the other side. Getting caught in euphoria will get you slaughtered in crypto.
Volume is still far from what I'd like to see in order to seriously compete with 2 critical resistance points. The first is this downward sloping trendline, which sits around $4440 to 4480, depending on how rapid BTC wants to move, and then a fairly strong resistance point around the $4600 to 4650 area. Gassing up to break two resistance points requires more volume than what we're seeing, so let's hope we get a volume spike in the next day or so.
Keep an eye on BTC, the cryptocommunity still very much depends on its success (or at least stability if you're heavy into the alt game as I am)!
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