#XBTUSD #Bitmex xbt Entered into ranging
Updated
Market entered into ranging which side likely to be dominated
Short Side evidence :
1.Should retest weekly support aroubd 6.8k before trending up.
2. Most Oscillators in overbought region .
3.Forming a possible double top on 4h(conformo aftr close blw its nekline)
4. Not much expected volume for a healthy up trend.
Long Side Evidence :
1. Gap on CME around 8.4k region and as history prevails gaps are liked to be filled
2. RSI and Stoch trending up from 50
3. Weekly resistance around 8.2k region
4. Might see end of up trend with a roll over zone arnd 8.4k with then followed by phase IV downtrend
Short Side evidence :
1.Should retest weekly support aroubd 6.8k before trending up.
2. Most Oscillators in overbought region .
3.Forming a possible double top on 4h(conformo aftr close blw its nekline)
4. Not much expected volume for a healthy up trend.
Long Side Evidence :
1. Gap on CME around 8.4k region and as history prevails gaps are liked to be filled
2. RSI and Stoch trending up from 50
3. Weekly resistance around 8.2k region
4. Might see end of up trend with a roll over zone arnd 8.4k with then followed by phase IV downtrend
Note
Looking for reversal candles for taking shorts.Note
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