Bitcoin accumulating on a small TF?
Good morning, traders. I just saw that our POE trade popped for 56% this morning. That's another in a string of great set ups for our Discord subscribers. If you've been following myself or Scott Melker on that other social media site, then you know we've been hitting consistently with HOT, FUN, RDD, TRX, ZRX, and POE being just a few of our recent wins. But how is Bitcoin doing? Not too bad at all at the moment.
Nothing surprising happened overnight as Bitcoin followed the general movement I outlined during last night's live stream. TensorCharts.com is currently showing a lot of support in the $6350-$6370 range, as well as at $6200, with some resistance at $6430, $6450, and $6500-$6530. Is this current level accumulation or redistribution? That is something we don't know at this time. We need to see volume expand as price increases to indicate demand. If not, then this is redistribution and we can expect another leg down. Either way, it's going to take some watching of price action to decipher which may be happening. Currently, I expect price to continue following the path I outlined last night which means a move up toward $6490/$6500 is the next step. After that, we could see something similar to either the red or blue line play out. The blue line after that high would indicate an incoming spring and the red line would indicate that demand outpaces supply so there is no need for a spring.
As I have been reminding everyone, CME Bitcoin futures expire on Friday at 10 a.m. CST, so sideways movement within a $300-$500 range continues to be likely until that time. RSI and MACD are bullish on the lower TFs and OBV is bouncing. On the 1D TF, RSI and MACD are curled down showing bearishness, but this is expected with the recent downward movement. We want to see OBV pushing back up on this higher TF to indicate continued accumulation. As shown on the 1D chart, the recent retracement is still in-line to be the BU/LPS, and if so then we should expect an SOS (show of strength) indicated by a push above $6900. That likely won't happen today or tomorrow, but it should be in the cards for sooner rather than later as long as the smaller TF plays out as accumulation.
Nothing surprising happened overnight as Bitcoin followed the general movement I outlined during last night's live stream. TensorCharts.com is currently showing a lot of support in the $6350-$6370 range, as well as at $6200, with some resistance at $6430, $6450, and $6500-$6530. Is this current level accumulation or redistribution? That is something we don't know at this time. We need to see volume expand as price increases to indicate demand. If not, then this is redistribution and we can expect another leg down. Either way, it's going to take some watching of price action to decipher which may be happening. Currently, I expect price to continue following the path I outlined last night which means a move up toward $6490/$6500 is the next step. After that, we could see something similar to either the red or blue line play out. The blue line after that high would indicate an incoming spring and the red line would indicate that demand outpaces supply so there is no need for a spring.
As I have been reminding everyone, CME Bitcoin futures expire on Friday at 10 a.m. CST, so sideways movement within a $300-$500 range continues to be likely until that time. RSI and MACD are bullish on the lower TFs and OBV is bouncing. On the 1D TF, RSI and MACD are curled down showing bearishness, but this is expected with the recent downward movement. We want to see OBV pushing back up on this higher TF to indicate continued accumulation. As shown on the 1D chart, the recent retracement is still in-line to be the BU/LPS, and if so then we should expect an SOS (show of strength) indicated by a push above $6900. That likely won't happen today or tomorrow, but it should be in the cards for sooner rather than later as long as the smaller TF plays out as accumulation.
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