BTC closing shorts for now, looking to sell higher
BTC made an epic run down yesterday with one strong 4 hour selling period. Since then the asset has recovered and is now holding support and closing above the 10 10 EMA/MA and the 50 DEMA on the one hour chart.
BTC even managed to confirm bullish with three buying hours in a row. Even though these hours were under the MA for volume we can't completely discount them.
Until there are two consecutive strong selling hours I will be looking to short BTC from a higher price.
From an RSI perspective BTC is not in an over bought region quite yet, which would be a better region to short. Note that it is also not in a "cooled off" region either
The MACD has stayed above the signal (4 hr) and although both are under zero we also haver to factor in:
1. The bullish confirmation (4hr)
2. Holding and closing over multiple moving averages including 10 10 EMA/MA and 50 DEMA (1 hr)
3. Momentum seems to be bringing MACD above zero.
I have closed shorts and moved some BTC into spot grid trading bots, and am looking to sell higher. Not quite sure where yet but I am thinking the $49.5k zone, will keep eyes on the market and see how it develops.
BTC even managed to confirm bullish with three buying hours in a row. Even though these hours were under the MA for volume we can't completely discount them.
Until there are two consecutive strong selling hours I will be looking to short BTC from a higher price.
From an RSI perspective BTC is not in an over bought region quite yet, which would be a better region to short. Note that it is also not in a "cooled off" region either
The MACD has stayed above the signal (4 hr) and although both are under zero we also haver to factor in:
1. The bullish confirmation (4hr)
2. Holding and closing over multiple moving averages including 10 10 EMA/MA and 50 DEMA (1 hr)
3. Momentum seems to be bringing MACD above zero.
I have closed shorts and moved some BTC into spot grid trading bots, and am looking to sell higher. Not quite sure where yet but I am thinking the $49.5k zone, will keep eyes on the market and see how it develops.
