I made a call a few days ago that we were in the midst of creating a giant W (on the 4 hour). So far that has been coming true. I was expecting there to be a bit more volume in this W creation but it has been pretty lame. Lame volume = unconvincing movement. I don't have confidence in this retracement. For the W to be completed in its traditional sense, it is supposed to make it past the /\ part of the W, and then ideally back to the price it was when the W began.
As usual I have been watching BFX data. There was a 200 btc buy wall that was set at 7050. Somehow this buy wall was reached precisely at the beginning of the new/current 4 hour candle. Hourly volume over the past day or two has not been much more than about 1000 btc. This is a sign of a tough push. Low volume is always indicative of imminent downwards movement, so to have low volume in an uptrend? It kind of defies logic.
I think the true rebound will occur at around the 6k mark. There must be a million orders in around the 5800-6200 range. I believe what will happen is that the W turns into a little hill, and that hill becomes a cliff for the last drop down to the bottom.
Also, the 2 and 3 hour RSI are indicating bearish movement, and we have had a fairly decent run of sars (Parabolic Sar). The two hour is about to swap, and when the 4 hour does, that will be an indication that we're heading down for a while.
I still believe that on, or within a week of, 12 April we will see the true bullish momentum start to kick in.
As usual I have been watching BFX data. There was a 200 btc buy wall that was set at 7050. Somehow this buy wall was reached precisely at the beginning of the new/current 4 hour candle. Hourly volume over the past day or two has not been much more than about 1000 btc. This is a sign of a tough push. Low volume is always indicative of imminent downwards movement, so to have low volume in an uptrend? It kind of defies logic.
I think the true rebound will occur at around the 6k mark. There must be a million orders in around the 5800-6200 range. I believe what will happen is that the W turns into a little hill, and that hill becomes a cliff for the last drop down to the bottom.
Also, the 2 and 3 hour RSI are indicating bearish movement, and we have had a fairly decent run of sars (Parabolic Sar). The two hour is about to swap, and when the 4 hour does, that will be an indication that we're heading down for a while.
I still believe that on, or within a week of, 12 April we will see the true bullish momentum start to kick in.
Comment:
Check out the 7000 btc sell wall on bfx data.