All over twitter has been talk of a large head & shoulders formed over the last 2 weeks. Initially I thought this was alarming... but the pattern isn't close to confirmed (at all) and the volume profile doesn't fit.
I was waiting to see if a 4hr bull div might form (seemed likely). But just noticed that on the 1hr we not only have a clear 1hr bull div, but we've broken above our descending trendline (purple) and retested already.
At the very least I'm leaning towards this cancelling out any more significant downside (especially as we've already had close to 30% pullback).
This plus the fact that many ALT/BTC pairs are looking promising makes me think we could be heading into more neutral and boring territory for BTC in the short term... giving the rest of the market time to breathe and offering a chance to make some good returns on alts.
I was waiting to see if a 4hr bull div might form (seemed likely). But just noticed that on the 1hr we not only have a clear 1hr bull div, but we've broken above our descending trendline (purple) and retested already.
At the very least I'm leaning towards this cancelling out any more significant downside (especially as we've already had close to 30% pullback).
This plus the fact that many ALT/BTC pairs are looking promising makes me think we could be heading into more neutral and boring territory for BTC in the short term... giving the rest of the market time to breathe and offering a chance to make some good returns on alts.