A very easy way to look at macro and keep an open mind.... I invert the graph and simply look at price, resistance and support..... if you see a bullish chart.... well you are bearish too now.
Looks like we are about to have a sale on crypto.... and I am going shopping!
No moving averages.... indicators or any other noise. Sometimes step back.... hit mute.......
Despite of a quick push through the resistance yesterday we saw no follow through.... that's certainly a sign of weakness. Further notice the RSI trend line we have broken... I expect this to be resistance now.
If this wasn't enough we have NOT established a higher low. The support line is being hit for a third time on the 4 hour.
But there is still a sliver of...
Quick update: Bullish short term if I see one and two broken. 3 bullish bounces on RSI support this view. However volume is trending down short term.... I believe a resolution will come rather quickly
Cheers
Philipp
Ps: sorry for deleting and reposting.... on the go doing it by phone... wrong chart view
We are at an interesting point in the market.
Short term we are bouncing but so far it seems weak. I won't play the bounce. Simply too much rejection at the 30's and continuation downward is implied by most indicators and the short term trend.
Mid term: I expect buying pressure to come in at the 25k level but it will have to prove itself to me in terms of at...
Welcome to my very first post!
Am I the only one that sees bearish price action that can bring us back down to the 30's? Possibly below but I don't think the channel we are STILL in wont break so quickly based on the previous 3 month consolidation cycle. Bulls should want boring sideways for now for a bigger move up on the macro. Bears just want to tear us down in...
