Hello guys what's up ! Good morning ! We just broke the inverse H and S and had to chase the 11800 resistance (where in history we have seen its power) ! Problem bitcoin (and actually the whole market) is facing is low volume (it was mentioned earlier too that low volume going in all the main cryptocurrencies here ) ! When volume is low even increasing prices rather are indication of bearish market coming ! RSI on 4h chart if near 40 now ( came too low) ! You can check from RSI graph ( add RSI to 4h chart) how it has behaved with time ! Guys see most of bots nowadays stop at resistance and support points ( they want either panic sellers to break support levels or excited buyers to break a resistance ) ! I myself had selling orders at 11723 usd on binance ( it seemed that even after the breakout the volume has not increased and most buyers waiting to see what happens at 11800 usd ! on binance the highest it could touch is 11712 usd which shows that there are many like me who had same thought that 11800 may not break or even reach with this low volume ) ! Anyways guys too low volume here is not good sign ! But as RSI falls more smart traders ( RSI is used most by the traders ) enter to buy it and ride it unless RSI crossed 70 or more ! It still doesn't look if we are in downtrend rather ! Though guys MACD is not giving us enough information here (were the two lines coming closer it would be better) ! BTC is struggling with 50 EMA line to make it its support even if it fails there we have 200 EMA support below it ! I m still with the fact that the long elliot is not over ( there is no rule by elliot to determine length of 5th wave ! 3rd wave should not be shortest which has already been done here and 4th wave should not overlap with 1 which did not happen here but still i believe the 5th point should be above the point till where we have reached) ! Anyways guys we need some more confirmations especially a good buying volume ( even if RSI goes too low now people will jump into it) or confirmation from MACD or others ! If RSI goes too low ( you can mark RSI in chart and see its lowest points .. below 30 is fine) it should be sure buy let it be a short or long trade ( luckily you may get a divergence on MACD when its too low ) ! Well i m still with the completion of long Elliot ( and i m with it since it started journey from 6k to 9k usd and fell from there making wave 2 .. let it have other small patterns here or even if it wants a small inverse elliot here let it have ) ! More problem with is other coins ! many coins which were on crucial times lost their fight with resistances because either they could not break it or even if they broke volume still remained low for long leading to their fall ! Keep a focus on everything guys ! Confirmations matter (even if we have breakout the volume should be high as we get breakout , that matters a lot) . In earlier post i mentioned that RSI has gone a lil high ! So its good that it has adjusted a lot here !
Comment:
If any resistance is not breaking simply ! having a low RSI and then having fast rise from it ( rising towards high RSI ) is always good ( i always write when RSI is too high it should adjust .. that would be better).
