Update to last idea: If we see a rejection here of the OBV trend, my plan will be to watch the bottom (red) trend line for support, hoping to see consolidation within that point prior to a move up (or further sideways consolidation). Alternatively, we may trade in a descending channel revisiting lower prices, as in chart
Confirmation through other indicators needed. Fast moving RSI and MACD on the 4hr are currently in very neutral space for me. half way between support and resistance of trend. This means there is room to move up, but OBV trend resistance is what I believe BTC is stalling on currently
From a Marco perspective, if we continue to trade above 35-38k range I see the 40, 45 and 50k as key levels in the near term, I suspect we will see a period of consolidation in the coming weeks between 45k and 40k, before possible retesting the 47.5 to 50k range: a rejection from there would be back down to the 45k area, a breakup would retest the 60k range.
Macro, Bitcoin seems to be consolidating in a triangle as it has after previous highs and retrace, the key for me is tracking what constitutes the bottom of this triangle. is it a flat bottom around 30k (much more bearish) or alternatively the ascending level it is currently holding in the chart above (Which for me remains Bullish)
Confirmation through other indicators needed. Fast moving RSI and MACD on the 4hr are currently in very neutral space for me. half way between support and resistance of trend. This means there is room to move up, but OBV trend resistance is what I believe BTC is stalling on currently
From a Marco perspective, if we continue to trade above 35-38k range I see the 40, 45 and 50k as key levels in the near term, I suspect we will see a period of consolidation in the coming weeks between 45k and 40k, before possible retesting the 47.5 to 50k range: a rejection from there would be back down to the 45k area, a breakup would retest the 60k range.
Macro, Bitcoin seems to be consolidating in a triangle as it has after previous highs and retrace, the key for me is tracking what constitutes the bottom of this triangle. is it a flat bottom around 30k (much more bearish) or alternatively the ascending level it is currently holding in the chart above (Which for me remains Bullish)
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Note: last time it broke this distribution trend it jumped approx 25% in a week, as marked above
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Bitcoin has pumped massively in the last hour. Likely this will drop back to earth as a short squeeze, but we saw a similar pump over 3 hours on 26 July, at the break of last distribution phase. Interesting correlation
