BTC can retest 5500 zone if it want to!
Before I start telling you why, let me make something obvious, we are not finished dropping !
Now,
As you see in top right chart, we are at the bottom of one my indicators (MCCI) this indicator behaves like CCI but a moving one on the chart! also, there are two divergences in that chart both on price momentum and volume momentum. These two are leading indicators.
At the same time, we see a small divergence upward in the cycle indicator on the bottom right chart .
On the top left chart, we see the volume metric rise s a small amount and volatility momentum and volatility started rising upward.
On the bottom left, we see the price/volume momentum show a clear upward move when the volume AND price themselves where dropping! Sellers are loosing momentum while buyers are gaining small amount of momentum.
Now, these indicate two things :
1- Smart Money stopped hitting short button seriously and maybe bought small amount for short time benefit
2- There is a "chance" of going up to retest the broken support at 5500 (that now will behave as a serious resistance).
For those who are interested in short lived swing trades, this can be a "chance".
For day traders, the market is going side way now in 1 minute set. You either have to go for scalp trades, or wait for a break out on either side, chances for long break outs are more profitable compared to short trades. Don't go for big moves until market gives proof, stick to scalp trades.
Now,
As you see in top right chart, we are at the bottom of one my indicators (MCCI) this indicator behaves like CCI but a moving one on the chart! also, there are two divergences in that chart both on price momentum and volume momentum. These two are leading indicators.
At the same time, we see a small divergence upward in the cycle indicator on the bottom right chart .
On the top left chart, we see the volume metric rise s a small amount and volatility momentum and volatility started rising upward.
On the bottom left, we see the price/volume momentum show a clear upward move when the volume AND price themselves where dropping! Sellers are loosing momentum while buyers are gaining small amount of momentum.
Now, these indicate two things :
1- Smart Money stopped hitting short button seriously and maybe bought small amount for short time benefit
2- There is a "chance" of going up to retest the broken support at 5500 (that now will behave as a serious resistance).
For those who are interested in short lived swing trades, this can be a "chance".
For day traders, the market is going side way now in 1 minute set. You either have to go for scalp trades, or wait for a break out on either side, chances for long break outs are more profitable compared to short trades. Don't go for big moves until market gives proof, stick to scalp trades.
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