We appear to be gearing up for another run. There is some larger time frame areas to keep in mind that show some overbought areas but our lower time frames have led the way lately.
Bitstamp Hourly shows some accumulation in this level on the volume profile.BITSTAMP:BTCUSD
The Daily Tom Demark Sequential for Bitstamp is quite concerning but in this market, exhaustion cycles do not matter as much.
The 4 hour Bitfinex is topped on our BB and has an exhaustion cycle that needs to complete from the mega bull. however this type market cannot be quantified with a sequential count ATM.
In my opinion, the market remains bullish, I am watching very closely for any kind of divergences I see that could turn us bearish, it is a bit dangerous to call any kind of correction or slow down, but my general market assessment is we are NOT turning bearish yet, The rally continues. I am not suggesting here as an entry or exit point because all of this last rally has not entirely made the Technical Analysis clear, I took profits along that gigantic raise as I normally do however I do remain in most of my long. If I see any kind of bearish activity I will post an update if I am available, remember to update your stop loss to the new support level. Mine is currently set at $14,857 which is the Bitfinex BITFINEX:BTCUSD BB on the 15 minute below support. My entry was extremely low so I have wiggle room.
Komen
⋅
BTC reached monumental levels after this post, my position closed on the hourly hammers that played at the top. We now have a correction in play. Next posted idea will be the bounce points I foresee.
Follow him at wolf.foundation