Bitcoin Bulls are hopping mad...
PRICE ACTION
The bulls have, without question, been manic over the last month – seemingly blowing through every minor resistance on the recent charts. In almost all cases, bears have been no where to be found. Could it really be true that the bear cycle is over? Have all the bears gone into hibernation for the next 3 years?
If there are any bears left in the market; now is the time you would expect them to take up the battle; as the 52W Moving Average is sitting right above the current price – at $5679 on Bitfinex.
The 4H chart has already tested once and is currently slightly retraced; but I wouldn’t take this as a position of weakness. There is yet to be any indication of bearish pressure. However there are some insights on the 1D chart:
If you are in a long position; now is a smart time to lock in profits. If the 52W breaks and price moves further up; you can always go back in later. Smart traders don’t risk profits...
OPEN INTERESTS (BITFINEX)
Long: 1.93 Days
Short: 1.97 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5679 (52W MA), 6200, 6500
Support: 5250, 4974 (28D MA), 4880
PREVIOUS ANALYSIS
The bulls have, without question, been manic over the last month – seemingly blowing through every minor resistance on the recent charts. In almost all cases, bears have been no where to be found. Could it really be true that the bear cycle is over? Have all the bears gone into hibernation for the next 3 years?
If there are any bears left in the market; now is the time you would expect them to take up the battle; as the 52W Moving Average is sitting right above the current price – at $5679 on Bitfinex.
The 4H chart has already tested once and is currently slightly retraced; but I wouldn’t take this as a position of weakness. There is yet to be any indication of bearish pressure. However there are some insights on the 1D chart:
- Open Interest in shorts is currently higher than margin longs
- RSI is showing a possible bearish divergence; and is overbought
If you are in a long position; now is a smart time to lock in profits. If the 52W breaks and price moves further up; you can always go back in later. Smart traders don’t risk profits...
OPEN INTERESTS (BITFINEX)
Long: 1.93 Days
Short: 1.97 Days
RELATIVE STRENGTHS
- Micro (5m): Higher Low
- Short Term (4h): Overbought
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Flat
KEY PRICE AREAS
Resistance: 5679 (52W MA), 6200, 6500
Support: 5250, 4974 (28D MA), 4880
PREVIOUS ANALYSIS
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.