Zooming out to the 4 hour, we can see the market showing mixed signals. There's a possible bear flag forming along with bearish divergence on the OBV and RSI. We also see the volume decreasing as becomes obvious on lower time frames. That said, we have a clear channel outlining an uptrend. We're on wave 3 of that uptrend which is usually the strongest of the the 5 waves. As we approach the critical resistance of $11,785, we will need an increase in volume to break through. Right now, as volume declines, I'm not certain we will even reach the critical resistance....not today anyway. Bitcoin seems to be consolidating, which isn't a bad thing. If volume declines further, expect a decline below $11K. If however, volume starts to increase, we should see Bitcoin gain strength and resume it's uptrend.
It's also worth noting that the short positions have decreased while long positions have increased over the past 24 hours. This shows positive market sentiment and is a good sign for bulls. That said, we can't ignore the possibility of a temporary pull back for reasons outlined above. If you're holding, I would continue to hold. If you're waiting to buy, I believe it would be safer to continue waiting until we see volume increase significantly on lower time frames. I'm neural short term but very bullish long term.
I hope this has been helpful. My content will always be free thanks to my generous audience who continues to spread the love. I truly enjoy helping others succeed. If you've benefited from my analysis, please consider tipping me to say thanks...but never feel obligated.
If you have a coin you'd like me analyze, feel free to ask. I'll try to accommodate as many requests as possible. Any request from someone who leaves a tip will be considered first. Thank you for your continued support. My goal is to make 2018 as profitable for you as possible!
BTC: 12rd6dE84dte27H4Gk9Sedm4W8R8nVUUjo
ETH: 0x0C67E0F823AD1511c383086E0E40444177C7A241
LTC: LNzrBTJzLn3Dfno2UbfmPtsPR2mNs7Tpj2
DASH: XoUTpTohr8Q82YSKNdByjL1nh3URs3ax5q
BCH: 1LJJkWBSwwhibVmEHmdttHDjFsuj8urP9J
It's also worth noting that the short positions have decreased while long positions have increased over the past 24 hours. This shows positive market sentiment and is a good sign for bulls. That said, we can't ignore the possibility of a temporary pull back for reasons outlined above. If you're holding, I would continue to hold. If you're waiting to buy, I believe it would be safer to continue waiting until we see volume increase significantly on lower time frames. I'm neural short term but very bullish long term.
I hope this has been helpful. My content will always be free thanks to my generous audience who continues to spread the love. I truly enjoy helping others succeed. If you've benefited from my analysis, please consider tipping me to say thanks...but never feel obligated.
If you have a coin you'd like me analyze, feel free to ask. I'll try to accommodate as many requests as possible. Any request from someone who leaves a tip will be considered first. Thank you for your continued support. My goal is to make 2018 as profitable for you as possible!
BTC: 12rd6dE84dte27H4Gk9Sedm4W8R8nVUUjo
ETH: 0x0C67E0F823AD1511c383086E0E40444177C7A241
LTC: LNzrBTJzLn3Dfno2UbfmPtsPR2mNs7Tpj2
DASH: XoUTpTohr8Q82YSKNdByjL1nh3URs3ax5q
BCH: 1LJJkWBSwwhibVmEHmdttHDjFsuj8urP9J