BTCUSD looks like it wants to go parabolic in a bullish continuation pattern. But I don't believe in this..
Look at the volume.
On Jan 20 we had this bullish spike followed by a nice move up, combined with a high volume on the 4H.
Then there was a profit taking pattern followed by a consolidation until Jan 25.
On Jan 25 the price went up again, basically the same range as before to a higher high. BUT the volume was much lower.
Looks like we have a decreasing number of market makers. So people are still careful which could lead in a violent correction while looking for a strong enough support.
The overall trend on the other hand doesn't look bearish anymore. In a bullish market we will get clean reversal signals with long wicks on red candles.
I would guess that 8.2K or 7.4k is a good buy-in to sell at about 10k in a medium time frame.
Look at the volume.
On Jan 20 we had this bullish spike followed by a nice move up, combined with a high volume on the 4H.
Then there was a profit taking pattern followed by a consolidation until Jan 25.
On Jan 25 the price went up again, basically the same range as before to a higher high. BUT the volume was much lower.
Looks like we have a decreasing number of market makers. So people are still careful which could lead in a violent correction while looking for a strong enough support.
The overall trend on the other hand doesn't look bearish anymore. In a bullish market we will get clean reversal signals with long wicks on red candles.
I would guess that 8.2K or 7.4k is a good buy-in to sell at about 10k in a medium time frame.