BTC at resistance
After the last drop we saw a nice bounce which started last evening. Right now the power behind this move seems to dissipate and lower timer frames show bearish divergences on the rsi.
Currently the price action is very strong indicating a break of resistance and continuation of the uptrend as very little selling pressure exists.
The bearish divergence on the rsi indicates a retracement, but due to the strong price action If retracement happens it shouldn't be very significant and resistance should still be under pressure.
If a large selloff happens it would indicate that we will stay in range for a while. I think that this is the least possible of all scenarios.
At this point I think it is best to withhold from opening new positions and waiting for the market to make a move.
Currently the price action is very strong indicating a break of resistance and continuation of the uptrend as very little selling pressure exists.
The bearish divergence on the rsi indicates a retracement, but due to the strong price action If retracement happens it shouldn't be very significant and resistance should still be under pressure.
If a large selloff happens it would indicate that we will stay in range for a while. I think that this is the least possible of all scenarios.
At this point I think it is best to withhold from opening new positions and waiting for the market to make a move.
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