Some good bull news on the BTC bounce
This is not predictive analysis and is provided for educational purposes only.
There is a small glimmer of hope for the bulls after this all out dump that lasted 3 days and change. After the initial oversold bounce and consolidation, we have set a higher low at 8516 compared to 8370 of the dump and we're seeing some bullish momentum on the short term. Volume is declining on the way up, so that's a concern for the bulls, however a zoom in to the 1h chart reveals that some of the bull moves do have increasing bullish volume. This isn't the case on the most recent bounce though, where it is very weak in comparison.
Keep in mind that coinbase volume numbers aren't as accurate as binance (btcusdt) or bitfinex.
Bulls are still not in great shape, but I expect a lower high to be formed compared to 9520 where we rejected from the 12-EMA, then a higher low and a break of this tightening pattern to tell us which way we're headed coming into next week. We're likely to reject against this exponential resistance again.
The RSI is also good news for the bulls as the last bounce happened as soon as we hit oversold on the 4h. This is an indication that bulls may be coming back to buy the dips that happen. Compare this to previous bounce attempts where the RSI had no problem going to the low twenties before bouncing.
There is a small glimmer of hope for the bulls after this all out dump that lasted 3 days and change. After the initial oversold bounce and consolidation, we have set a higher low at 8516 compared to 8370 of the dump and we're seeing some bullish momentum on the short term. Volume is declining on the way up, so that's a concern for the bulls, however a zoom in to the 1h chart reveals that some of the bull moves do have increasing bullish volume. This isn't the case on the most recent bounce though, where it is very weak in comparison.
Keep in mind that coinbase volume numbers aren't as accurate as binance (btcusdt) or bitfinex.
Bulls are still not in great shape, but I expect a lower high to be formed compared to 9520 where we rejected from the 12-EMA, then a higher low and a break of this tightening pattern to tell us which way we're headed coming into next week. We're likely to reject against this exponential resistance again.
The RSI is also good news for the bulls as the last bounce happened as soon as we hit oversold on the 4h. This is an indication that bulls may be coming back to buy the dips that happen. Compare this to previous bounce attempts where the RSI had no problem going to the low twenties before bouncing.
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