BTCUSD pushing up or time for a retrace?
Position: Waiting to see if it confirms Bear indicators.
BTC is interesting right now. There is momentum for BTC, but it appears its because ETH/BTC is getting driven down and people shifting in that respect. Whether that drives it much higher or corrects lower remains to be seen.
Conflicting indicators
1. On the weekly chart we have had a solid cross of the MACD pointing down, with the bars coming up slightly.
2. On the day chart, the averages have crossed and are going up strongly but it's in negative territory
Bearish Indicators
1. Weak MACD, in positive territory but pretty "meh"
2. RSI divergence on multiple tops, broken rsi trend line
3. Trendline
4. About to hit some pretty significant resistance.
if it starts really going down, we will see support at the 10k level. the 9k level would be a great starting point to buy. We had a good trade previously when it broke that 9k mark to the upside. Time to be careful at these highs. Lots of resistance at this 12-13k level.
For me, I already got out from my trinagle trade to the upside and there isn't much reason to jump in again right now. For me, I want to see a lot of solid reasons to buy and there is a definite case for a possible retrace, but it's also very possible we will continue up. So, time to sit on my hands and wait to see what happens and wait for a good entry.
Happy Trading
-Sherem
BTC is interesting right now. There is momentum for BTC, but it appears its because ETH/BTC is getting driven down and people shifting in that respect. Whether that drives it much higher or corrects lower remains to be seen.
Conflicting indicators
1. On the weekly chart we have had a solid cross of the MACD pointing down, with the bars coming up slightly.
2. On the day chart, the averages have crossed and are going up strongly but it's in negative territory
Bearish Indicators
1. Weak MACD, in positive territory but pretty "meh"
2. RSI divergence on multiple tops, broken rsi trend line
3. Trendline
4. About to hit some pretty significant resistance.
if it starts really going down, we will see support at the 10k level. the 9k level would be a great starting point to buy. We had a good trade previously when it broke that 9k mark to the upside. Time to be careful at these highs. Lots of resistance at this 12-13k level.
For me, I already got out from my trinagle trade to the upside and there isn't much reason to jump in again right now. For me, I want to see a lot of solid reasons to buy and there is a definite case for a possible retrace, but it's also very possible we will continue up. So, time to sit on my hands and wait to see what happens and wait for a good entry.
Happy Trading
-Sherem
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.