BITCOIN: Equilibrium
5 days have passed since I posted my view about my short term perspective on BITCOIN. Now I think that the next steps could turn as the following:
Why?
At that post I spoke about the following scenario to be the most likely in the short term:
Ok, so now we find BITCOIN testing the resistance around 11100 USD, which is great:
BUT...
There are some signals now that can also give us some clues about a possible longer "ranging" period if not a deeper correction:
First is the VOLUME: Despite the sustained and steady rise, volume is decreasing continuously, Buyers and sellers uncertainty is evident.
Second is the RSI divergence on the overbought zone = Bearish Divergence
Third is the Decline of the OPEN INTEREST = BUY/SELL Contracts reduction despite price increases, meaning the current level is not attractive for both sides but it could trigger an important sell in case sellers see that there is no better price to get from their coins.
and fourth but less indicative... Buying volume decreasing rapidly despite the selling volume is not significant for the moment
All in all, seems that a retrace back the 10600 USD support is the most likely scenario to occur on the short term but the most important is that we are really seeing a very strong consolidation around the range:
I'm sharing only my quick trading Ideas here, not financial advice at all ;-)
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
