Daily BTC Update
Beware the short term rally! Once again BTC has had a nice little rally over the last few days and everyone is getting excited about BTC going to 100K in December, or 135K, 260K or whatever.....and I'm sure we'll see those numbers in time. But hold your horses. We are still current;y in a short term downtrend on the daily chart. Yes, we have had a nice rally but it is weak. I've highlighted some important points on the chart (red circles):
ADX - still very much in the red
RSI - declining
On Balance Volume - negative
These are not the traits of a bullish upswing. Price has rallied up to 60K but failed to break this important level and so there is a good chance we could see a further move down to the
54K level. I'll be placing some buy orders down at this level just in case we see a flash crash down to this stronger area of support.
ADX - still very much in the red
RSI - declining
On Balance Volume - negative
These are not the traits of a bullish upswing. Price has rallied up to 60K but failed to break this important level and so there is a good chance we could see a further move down to the
54K level. I'll be placing some buy orders down at this level just in case we see a flash crash down to this stronger area of support.
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