BTCUSD - Please enjoy these mixed signals
-I'm seeing more hidden bearish divergence than hidden bullish divergence in the oscillators. (no regular bullish or bearish divergence)
-There's a not-so-convincing (pretty rough looking, imo) inverse head and shoulders that may complete soon.
-There's stiff resistance in the way of a strong supply zone around the 47K to 50K area, so I could see price getting rejected there if it does head upward. That's also an important psychological barrier.
-Price has been printing a rising broadening wedge, and those end to the downside more often than not.
-RSI and MFI may have maxed out (meaning: overbought) already, and if not, they likely will soon.
To me, this is a tough call, but I'm thinking up to 50K, then a trip back down to 35K. If that inverse head and shoulders fails, however, I think we'll just head lower immediately.
-There's a not-so-convincing (pretty rough looking, imo) inverse head and shoulders that may complete soon.
-There's stiff resistance in the way of a strong supply zone around the 47K to 50K area, so I could see price getting rejected there if it does head upward. That's also an important psychological barrier.
-Price has been printing a rising broadening wedge, and those end to the downside more often than not.
-RSI and MFI may have maxed out (meaning: overbought) already, and if not, they likely will soon.
To me, this is a tough call, but I'm thinking up to 50K, then a trip back down to 35K. If that inverse head and shoulders fails, however, I think we'll just head lower immediately.
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.