Analysing the past 24 hours, mainly focusing the close of the day and the first 4hr candle.
Today looked good for btc until 8pm GMT when the bears took over, volume has been on a
steady decline and buyers just aren't up to the fight yet.
My guess is that most of the buyers are not in btc for the
long haul and are simply trying to stay afloat during this corrective action.
---
- Whilst we opened slightly higher than the previous candle, we were unable to find enough
momentum to close above the 90 EMA.
- The intra-hourly action saw us test the 90 but ultimately fail.
- We also couldn't manage to close above point 2).
What we wanted to see was a 4hr candle close above the 90 EMA and a new bullish candle open
above to begin confirming support.
(Opening and closing higher above the 90 would have been the ideal for this current 4 hr candle)
Clearly not bullish, coupled with the opening of this 4hr candle in such bearish fashion....
This does not look like any form of reversal to me, yet.
I still expect the "Bullish Bear" chart
to be somewhat accurate and essentially we will see this whole cycle play out again.
Hey, I could be wrong, we all know that. But here goes...
I expect 9800 at the very most over the next day or 2, the next "bottom".... 6000-7000 conservatively.
Today looked good for btc until 8pm GMT when the bears took over, volume has been on a
steady decline and buyers just aren't up to the fight yet.
My guess is that most of the buyers are not in btc for the
long haul and are simply trying to stay afloat during this corrective action.
---
- Whilst we opened slightly higher than the previous candle, we were unable to find enough
momentum to close above the 90 EMA.
- The intra-hourly action saw us test the 90 but ultimately fail.
- We also couldn't manage to close above point 2).
What we wanted to see was a 4hr candle close above the 90 EMA and a new bullish candle open
above to begin confirming support.
(Opening and closing higher above the 90 would have been the ideal for this current 4 hr candle)
Clearly not bullish, coupled with the opening of this 4hr candle in such bearish fashion....
This does not look like any form of reversal to me, yet.
I still expect the "Bullish Bear" chart
to be somewhat accurate and essentially we will see this whole cycle play out again.
Hey, I could be wrong, we all know that. But here goes...
I expect 9800 at the very most over the next day or 2, the next "bottom".... 6000-7000 conservatively.
