Hey Folks! Here's my latest technical analysis
. Lets jump right into it. Looking at the 2 hour chart in Bitfinex. We can see that there's a Double Bottom
formation. Moving Average Convergence and Divergence ( MACD
) is moving upwards and the Stochastic RSI
indicator ( Stoch Relative Strength
Indicator) is showing that the blue line went under the orange line which means that the market has been overbought.
For some daytime traders, this is a good time to take their (long and short) positions as the market is somehow preparing to go up or down.
Disclaimer: This analysis is for informational purposes only and is not a recommendation to buy or sell anything.