Kraken's CEO is saying that BTC is going to infinity, but what do the technical indicators say?
There's a clear shift towards flattening in many indicators. All charts but the day one are showing OBV declines even though the prices were more or less climbing. The relative strength on the day chart is witnessing shift downwards and I expect not much overbuying this week. Only the week chart is in consistent rise, which is good news for the long-term. For me, it looks like a Bollinger Bands squeeze is in the making and the direction will initially be upwards until the week chart pattern is complete around the 65000 mark and then it will fall back to somewhere around 56000 . If this happens, especially as quick as the last correction, it will be bad news to the bulls, even if not an indication of a bearish market.
The near future looks flat to me with high volatility, which is not bad news if you are targeting the shorter tail.
There's a clear shift towards flattening in many indicators. All charts but the day one are showing OBV declines even though the prices were more or less climbing. The relative strength on the day chart is witnessing shift downwards and I expect not much overbuying this week. Only the week chart is in consistent rise, which is good news for the long-term. For me, it looks like a Bollinger Bands squeeze is in the making and the direction will initially be upwards until the week chart pattern is complete around the 65000 mark and then it will fall back to somewhere around 56000 . If this happens, especially as quick as the last correction, it will be bad news to the bulls, even if not an indication of a bearish market.
The near future looks flat to me with high volatility, which is not bad news if you are targeting the shorter tail.