Indicators
The large volume dump from 7170 to 6660 has skewed the OBV indicator.
Similar to the 7250 range, the RSI shows the 6700 range to be a potential continuation zone, this is reinforced by the price failing to fall below 6635, however, a fourth attempt is likely to result in a breakdown.
The MACD has almost returned to the same level as then this range began, similar to the 7250 range before the leg down.
Supports
6635 has held up as support on 3 attempts with a decreasing volume bounce each time, is likely the fourth attempt will break through.
Shown in the VPVR is a strong order block at 6730 if bullish indications are shown this would make a good entry for a long as falling below this will likely result in the 6635 support failing.
Downside targets
Going back to 2017, I have identified 3 strong areas 6340-6475(60%), 6110-6215(30%) and 5615-5785(10%). Shown on the chart and in (brackets) are the likelihood of visiting this area and also my profit taking allocation.
Upside targets
Surpassing 6845 I would look to retest of the "meme triangle" at 7050 & 7200.
The large volume dump from 7170 to 6660 has skewed the OBV indicator.
Similar to the 7250 range, the RSI shows the 6700 range to be a potential continuation zone, this is reinforced by the price failing to fall below 6635, however, a fourth attempt is likely to result in a breakdown.
The MACD has almost returned to the same level as then this range began, similar to the 7250 range before the leg down.
Supports
6635 has held up as support on 3 attempts with a decreasing volume bounce each time, is likely the fourth attempt will break through.
Shown in the VPVR is a strong order block at 6730 if bullish indications are shown this would make a good entry for a long as falling below this will likely result in the 6635 support failing.
Downside targets
Going back to 2017, I have identified 3 strong areas 6340-6475(60%), 6110-6215(30%) and 5615-5785(10%). Shown on the chart and in (brackets) are the likelihood of visiting this area and also my profit taking allocation.
Upside targets
Surpassing 6845 I would look to retest of the "meme triangle" at 7050 & 7200.
Comment:
RSI is breaking down from the channel.
Comment:
Update from the 1HR,
Managed to get a good long entry on the support and just entered a short to play a breakout move.
Managed to get a good long entry on the support and just entered a short to play a breakout move.
Comment:
Upon reaching the first target, the BTCUSD Long:Short ratio has dropped substantially.
Will keep my initial short targets, however, my stop-loss is now in profit and have opened a long on Bitmex's September futures as they are currently trading below spot price.
A short squeeze around April 1st's low would make for a spectacular and profitable rebound.
Will keep my initial short targets, however, my stop-loss is now in profit and have opened a long on Bitmex's September futures as they are currently trading below spot price.
A short squeeze around April 1st's low would make for a spectacular and profitable rebound.
Comment:
> Short count dropped this morning, giving a minor relief rally, however, not enough to avoid a new lower low. Speculation would be some large players took profits, however, this could delay a "short squeeze" opp.
> Closed of my short early, due to a bullish divergence shown on the 1HR.
> Closed of my short early, due to a bullish divergence shown on the 1HR.
Trade closed manually
1. Major price move while RSI stays in the channel
2. Price surpasses 7340
3. Low volume price decrease past 6610
4. Targets hit