BTCUSD - Time to think long although bulls lack conviction
The daily candle yesterday closed with a body touching $6K support, with a wick that slightly overshoots.
The drop last week bounced off of RSI low dating back to Feb low. The quick drop to $5.9K gives a bullish divergence signal on the daily TF.
Although this area is not of fibonacci clusters, the $6K support is still holding. (Note the low volume is worth worrying)
On the lower TF, however, the price has repeatedly failed to break just $6150-$6160.
Perhaps we can expect another few days of side-way action with wicks puncturing $6K support.
All in all, this is an area to think long instead of short. The next fib target at low $5K for short will only be reached if we have a daily candle close below $6K.
Before we have a daily close below $6K, there is not that much incentive to short at this level.
The drop last week bounced off of RSI low dating back to Feb low. The quick drop to $5.9K gives a bullish divergence signal on the daily TF.
Although this area is not of fibonacci clusters, the $6K support is still holding. (Note the low volume is worth worrying)
On the lower TF, however, the price has repeatedly failed to break just $6150-$6160.
Perhaps we can expect another few days of side-way action with wicks puncturing $6K support.
All in all, this is an area to think long instead of short. The next fib target at low $5K for short will only be reached if we have a daily candle close below $6K.
Before we have a daily close below $6K, there is not that much incentive to short at this level.
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Depending on how this ascending triangle breaks, it has huge implications for price movement in the coming days-week