If You're Not Short, Don't Be Long Either...

After we had the spectacular upward moves to ~8,300.00, BTCUSD seems to be out fuel. Every time the price attempted to rise above this level, it failed. As a result, it's formed a Triple Tops pattern. A declining volume after the formation of the first top is another characteristic that suggests Triple Tops for the formation. For this chart, the breakout occurs if the price closes below the confirmation line, about 7,000.00, on the 4H chart - This is still pending. In addition to the pattern, ~7,500.00 and ~6,600.00 are two critical support level that could prevent a decline for the price. Momentum indicators suggest that the bearish momentum is slightly decreasing in the shorter time frames. On the daily chart, nevertheless, MACD just flashed a sell signal. Another thing to mention is the strength of bulls in the market; the 4H MACD histogram shows that bulls' strength remained the same since the price was about 7,000...

For updates, stay tuned...

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