BTC/USD - Too much HOPIUM, too little PERSPECTIVE! đš
Here's my view of Bitcoin.
While this consolidation above 34k seems positive (after a significant downtrend since November's ATH at 69k) it could also be just a PAUSE before another leg down.
There are very little signs of HOPIUM on this chart and if we look at the indicators on daily we have:
RSI - lower highs = BEARISH
MACD - BEARISH cross on daily since yesterday
OBV - BEARISH cross below the moving averages
Volume - decreasing
Would you long this? HELL NO. At best I'd wait. We have not had a clear break from this range. Hence, taking a position here is gambling.
Wait for a break of 34k or 45k, otherwise we play guessing games.
What is interesting is that trendline from ATH. Look at it go towards 20k (the old ATH from 2017). If BTC does break down, then price will likely hit/bounce on that trendline until it finds support.
Right now we have to wait for BTC to make its move. I don't think we get another strong rally at this price, maybe at 34k, but that may turn the market even more bearish. To be seen.
A full retrace to pre-pump levels from 45k to 38k is a bearish signal, just as the pump was bullish, but stopped short of breaking the resistance. You got to REACT to the price action.
The indicators lean bearish, hence my bias is rather bearish right now.
Seeing people post 4h charts with bullish divergence on RSI seem to be desperate to find reasons to hope BTC can go up... as soon as you move to higher timeframes, it is hard to be bullish.
Don't fight the trend.
Like and follow if you like this analysis.
While this consolidation above 34k seems positive (after a significant downtrend since November's ATH at 69k) it could also be just a PAUSE before another leg down.
There are very little signs of HOPIUM on this chart and if we look at the indicators on daily we have:
RSI - lower highs = BEARISH
MACD - BEARISH cross on daily since yesterday
OBV - BEARISH cross below the moving averages
Volume - decreasing
Would you long this? HELL NO. At best I'd wait. We have not had a clear break from this range. Hence, taking a position here is gambling.
Wait for a break of 34k or 45k, otherwise we play guessing games.
What is interesting is that trendline from ATH. Look at it go towards 20k (the old ATH from 2017). If BTC does break down, then price will likely hit/bounce on that trendline until it finds support.
Right now we have to wait for BTC to make its move. I don't think we get another strong rally at this price, maybe at 34k, but that may turn the market even more bearish. To be seen.
A full retrace to pre-pump levels from 45k to 38k is a bearish signal, just as the pump was bullish, but stopped short of breaking the resistance. You got to REACT to the price action.
The indicators lean bearish, hence my bias is rather bearish right now.
Seeing people post 4h charts with bullish divergence on RSI seem to be desperate to find reasons to hope BTC can go up... as soon as you move to higher timeframes, it is hard to be bullish.
Don't fight the trend.
Like and follow if you like this analysis.
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