XBT:USD 15MIN BITMEX - RSI BOUNCES
Bull's are giving bear's another go by using the top of the wedge to bounce off as support, this has caused a rather volatile equilibrium pattern.
Another oversold RSI bounce just broadened the E.Q's range to a new low of 7430 with a bounce pushing back to the top of the pattern 7650.
A small bullish-divergence showed it self just prior to the bounce which was another clear indicator to add to your narrative giving you a 'safer' and more educated entry.
Currently indicators are now closer to the over-sold, over-extended ranges on the 15min after the bounce and a pull back to the 12+26 EMA will be the decider if we can form a higher-low to push price back up to contend with the bears at the top of the E.Q (7650).
Before confidence is built that the weekly higher-low is in and the bull's have re-taken control of the uptrend the two main resistances that will need to be broken are...
Dash-Blue-Line 7781
Dash-Green-Line 7837
For bears to fully take control a break of the wedge & the current low of the E.Q channel 7430 will need to be broken. Once 7210 is broken bears will be in full control.
--
Opportunity for the bulls, oversold bottom fishing is a strategy for short play's in this current market.
Opportunity for the bears, short's at current E.Q resistance and keeping an eye on volume to not get caught on a bull break.
Long-term positions are not advised at this current time.
Another oversold RSI bounce just broadened the E.Q's range to a new low of 7430 with a bounce pushing back to the top of the pattern 7650.
A small bullish-divergence showed it self just prior to the bounce which was another clear indicator to add to your narrative giving you a 'safer' and more educated entry.
Currently indicators are now closer to the over-sold, over-extended ranges on the 15min after the bounce and a pull back to the 12+26 EMA will be the decider if we can form a higher-low to push price back up to contend with the bears at the top of the E.Q (7650).
Before confidence is built that the weekly higher-low is in and the bull's have re-taken control of the uptrend the two main resistances that will need to be broken are...
Dash-Blue-Line 7781
Dash-Green-Line 7837
For bears to fully take control a break of the wedge & the current low of the E.Q channel 7430 will need to be broken. Once 7210 is broken bears will be in full control.
--
Opportunity for the bulls, oversold bottom fishing is a strategy for short play's in this current market.
Opportunity for the bears, short's at current E.Q resistance and keeping an eye on volume to not get caught on a bull break.
Long-term positions are not advised at this current time.
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