BTC - Whats next. Breakdown or break up?
Daily
Bear break from the uptrend, but havnt started the downtrend. Big bounce from the lows just below the GP fibs - neutral .
RS zone - same as weekly coming at 38-35k, but also new daily support formed at 40k, break that and we’re forming W HL
Volume - bear volume injection on the 10% dump - bear
RSI had 3x bearish divergence from very overbought levels of ~80 which seems to be playing out now, with RSI coming back down to ~62. It is also forming a tightening range a triangle/EQ - neutral. ON WATCH
D8EMA broken to downside and now to upside, so disregard it - neutral .
Trendline of 60D supporting bounced off it - bull as long as we’re holding it but its very steep so we’re going to test it soon unless we go back to higher highs
4HR
Uptrending - bullish .
Rejection wick from the bear break RS of 43.5k - bearish .
Volume - bull volume injection on the bounce - bull .
RSI bounced off very oversold levels and now uptrending - bull .
4HR 8EMA - broke above it and is now below acting as support - bull .
Key takeaways: Bulls in full control until Daily trendline breaks down + daily RSI triangle breaks down + Key daily support of 40196 breaks down. We then will be looking to find a great swing entry for weekly higher low. No swing entries till then. Only short term scalps. Or play the shitcoins :)
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