PRICE ACTION
Starting with the 4H chart; we see that RSI has moved back to test the top of the descending channel; and the price movement above $5150 has lacked any kind of volume as all. Leading on from here, the 5m chart has been printed lower highs on the RSI over the last 24 hours; and again – outside of a small number of impulse candles – volume has been non-existent.
Not the start of the weak that any hyper bullish traders would want to be seeing...
Taking a quick peak at the weekly chart; we closed with an indecision doji off the back of a large solid green candle. As a high odds trade; a short position here makes sense. Using either the previous high or the 52W MA at the risk (take a small initial...) and make your adjustment to create a 2-2.5x RR.
Finally, it may be insignificant however about 5% of open margin on the long side closed over the weekend. Let’s see if that has meaning over the next few days.
OPEN INTERESTS (BITFINEX)
Long: 2.08 Days
Short: 1.62 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5500, 5750 (52W MA), 6200
Support: 4880, 4608 (28D MA), 4380 (26W MA)
PREVIOUS ANALYSIS
Starting with the 4H chart; we see that RSI has moved back to test the top of the descending channel; and the price movement above $5150 has lacked any kind of volume as all. Leading on from here, the 5m chart has been printed lower highs on the RSI over the last 24 hours; and again – outside of a small number of impulse candles – volume has been non-existent.
Not the start of the weak that any hyper bullish traders would want to be seeing...
Taking a quick peak at the weekly chart; we closed with an indecision doji off the back of a large solid green candle. As a high odds trade; a short position here makes sense. Using either the previous high or the 52W MA at the risk (take a small initial...) and make your adjustment to create a 2-2.5x RR.
Finally, it may be insignificant however about 5% of open margin on the long side closed over the weekend. Let’s see if that has meaning over the next few days.
OPEN INTERESTS (BITFINEX)
Long: 2.08 Days
Short: 1.62 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Lower High
- Mid Term (1D): Slightly overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Weakening
KEY PRICE AREAS
Resistance: 5500, 5750 (52W MA), 6200
Support: 4880, 4608 (28D MA), 4380 (26W MA)
PREVIOUS ANALYSIS