PRICE ACTION Starting with the 5m chart; we can see that price is slightly overbought. Add to this that price is forming a lower high at present – and bulls really need to find some fresh capital to keep any chances of recovery alive.
On the 4H chart, price is still being supported just above the $160 zone, where a likely rising trend line will be. This also ties in with the 1D chart where the 28D MA is currently $165. The more time that price spends in this area; the move likely that a volatile movement will occur – and without fresh capital it is probably going to be a bearish movement.
OPEN INTERESTS (BITFINEX) Long: 2.00 Days Short: 0.34 Days
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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.