This is the 4hr chart update.
As you can see BTC has struggled to move above the 200 MA. Has hit near this point 3X now. The positive is that RSI, MACD and DMI are trending bullish. However, RSI is hitting it's max around 60 on the 4hr and this is keeping the price action from moving beyond key resistance levels. Other positive is that BTC is closing with higher lows on the 4hr and buying volumes on the short to medium term charts are looking good.
I wanted to showcase this chart because I think it keeps things in perspective. Although it's exciting to see BTC run up from 6k to it's current levels we are still trading inside a descending channel. The 200 MA is acting as heavy resistance and if the bulls can push above the other resistance level will be hard to break.
In the absence of positive news we will be trading inside this descending channel and with many traders calling for another big drop in the range of 4k-5.5k. Who knows. We can't predict the price, but we can study the charts and indicators and act accordingly. That's really the only thing we have in our control.
I do believe BTC prices are feeling massive downward pressure and I think we can all feel it without technical analysis. This market is dependent on constant positive news feeding it in a bear cycle and that's what we're lacking to reverse the trend. Market sentiment is still bear to neutral.
Please share your thoughts and opinions on where you think the market might head into the weekend and beyond...looking for more ideas.
Good luck and be safe,
BitcoinBobby
As you can see BTC has struggled to move above the 200 MA. Has hit near this point 3X now. The positive is that RSI, MACD and DMI are trending bullish. However, RSI is hitting it's max around 60 on the 4hr and this is keeping the price action from moving beyond key resistance levels. Other positive is that BTC is closing with higher lows on the 4hr and buying volumes on the short to medium term charts are looking good.
I wanted to showcase this chart because I think it keeps things in perspective. Although it's exciting to see BTC run up from 6k to it's current levels we are still trading inside a descending channel. The 200 MA is acting as heavy resistance and if the bulls can push above the other resistance level will be hard to break.
In the absence of positive news we will be trading inside this descending channel and with many traders calling for another big drop in the range of 4k-5.5k. Who knows. We can't predict the price, but we can study the charts and indicators and act accordingly. That's really the only thing we have in our control.
I do believe BTC prices are feeling massive downward pressure and I think we can all feel it without technical analysis. This market is dependent on constant positive news feeding it in a bear cycle and that's what we're lacking to reverse the trend. Market sentiment is still bear to neutral.
Please share your thoughts and opinions on where you think the market might head into the weekend and beyond...looking for more ideas.
Good luck and be safe,
BitcoinBobby