Bitcoin not done flushing
Wish I had done this before I went to bed, but my alerts woke me up, so I may as well do it now. Currently we are bouncing up from 8690ish, but it will be short lived. I don't expect the bounce to go much higher than 9000, Here's why:
The RSI was already bearishly divergent with the 12 hour and daily charts. Also look at the CMF. It is a pretty new tool for me and only seems useful from the 1 hr to 4 hr charts, but it is below zero on all charts within those time frames, which is a sign of selling pressure and now it has continued to sell off more. The decreasing volume over the past few weeks hasn't been helping bitcoin's strength either. My alerts started at 8800 and lower, so I could look at the market before I decided whether I was going to play this bounce, but in my opinion, the volume has not accumulated enough and I expect the bounce to remain weak. There's a small possibility that it could bounce off the piss yellow 200 day moving average on my chart, but I don't think so. Bitcoin is gonna take a poop and flush some more. Don't let any get on you.
The RSI was already bearishly divergent with the 12 hour and daily charts. Also look at the CMF. It is a pretty new tool for me and only seems useful from the 1 hr to 4 hr charts, but it is below zero on all charts within those time frames, which is a sign of selling pressure and now it has continued to sell off more. The decreasing volume over the past few weeks hasn't been helping bitcoin's strength either. My alerts started at 8800 and lower, so I could look at the market before I decided whether I was going to play this bounce, but in my opinion, the volume has not accumulated enough and I expect the bounce to remain weak. There's a small possibility that it could bounce off the piss yellow 200 day moving average on my chart, but I don't think so. Bitcoin is gonna take a poop and flush some more. Don't let any get on you.
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