Bitcoin's FOMO Bulls Break $6k
PRICE ACTION
Less than 24 hours after the hack of
40M USD; and active discussion from one of the largest exchanges on whether rolling back the blockchain would be a good idea…and now the price has broken above $6000.
Some days, Technical analysis simply does not matter. Today is one of those.
The 4H chart is currently overbought @ 70.0; though volume is expanding. Price has been pushing the top of the wedge; so, has been slightly adjusted.
5m charting saw a consistent upward movement through to the test of $6000; which was immediately backed in by a push of volume that was able to break and maintain the price over the last 9 hours.
1D is overbought on RSI; and slightly divergent to the price action. Caution should be maintained at this point. And finally, the 1W is pushing into overbought as well – which could create a bearish case is price faulters out without being able to create a solid break out here. This is worth monitoring.
If you are trading this madness, good luck...
OPEN INTERESTS (BITFINEX)
Long: 1.90 Days
Short: 3.36 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 6050, 6800, 7500
Support: 5750, 5493 (52W MA), 5380 (28D MA)
PREVIOUS ANALYSIS
Less than 24 hours after the hack of
40M USD; and active discussion from one of the largest exchanges on whether rolling back the blockchain would be a good idea…and now the price has broken above $6000.Some days, Technical analysis simply does not matter. Today is one of those.
The 4H chart is currently overbought @ 70.0; though volume is expanding. Price has been pushing the top of the wedge; so, has been slightly adjusted.
5m charting saw a consistent upward movement through to the test of $6000; which was immediately backed in by a push of volume that was able to break and maintain the price over the last 9 hours.
1D is overbought on RSI; and slightly divergent to the price action. Caution should be maintained at this point. And finally, the 1W is pushing into overbought as well – which could create a bearish case is price faulters out without being able to create a solid break out here. This is worth monitoring.
If you are trading this madness, good luck...
OPEN INTERESTS (BITFINEX)
Long: 1.90 Days
Short: 3.36 Days
RELATIVE STRENGTHS
- Micro (5m): Lower Highs
- Short Term (4h): Overbought
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Rising
- Macro (1W): Rising
KEY PRICE AREAS
Resistance: 6050, 6800, 7500
Support: 5750, 5493 (52W MA), 5380 (28D MA)
PREVIOUS ANALYSIS
Catatan
Margin Longs vs Shorts on Bitfinex. Worth noting is the stability of the increase in shorts compared to longs.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.