BTC Descending channel update 4
Looking at the overall sentiment and metrics I observe the following
1.The emotional index vs Price is Neutral. Indecision in the market.
2. The Long vs Short Trades favors the shorts although the trades in favor are quite low neutral, closer to the 'good long trade' position
3. There is definitely whale and institutional money flowing in waiting to buy the dip
4. The market after the death cross is bearish overall but historically it seems that in such a bear market although heading down initially are almost 75% of the time increasing in price. Depends on the market bottom.
5. We have strong support at $39696.76 and at $29350.00
The chart indicators are out of sync indicating indecision. The Price vs Whale money flow is putting downwards pressure on the market while the trend exhaustion is moving down. Typically both the indicators should be in sync with whale money moving over and below price as the Trend Exhaustion moves within its upper and lower bands.
1.The emotional index vs Price is Neutral. Indecision in the market.
2. The Long vs Short Trades favors the shorts although the trades in favor are quite low neutral, closer to the 'good long trade' position
3. There is definitely whale and institutional money flowing in waiting to buy the dip
4. The market after the death cross is bearish overall but historically it seems that in such a bear market although heading down initially are almost 75% of the time increasing in price. Depends on the market bottom.
5. We have strong support at $39696.76 and at $29350.00
The chart indicators are out of sync indicating indecision. The Price vs Whale money flow is putting downwards pressure on the market while the trend exhaustion is moving down. Typically both the indicators should be in sync with whale money moving over and below price as the Trend Exhaustion moves within its upper and lower bands.
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