Good Morning,
BTC is beginning to stall & it is unclear whether there will be another wave up on the short or not. RSI is showing bearish divergence however technical analysis shows that a fifth wave is not off the cards.
Resistance is @ 7150
Support is at @ 6800
A break of these respective levels can signal further motions to be respected.
Signals and signs to watch:
-RSI on the 30 and 1hr is showing signs of bearish divergence
-BTC has broken out of it's rising wedge and is bleeding slightly out of it's channel
-Wave 5 may be truncated or incomplete - signs show that it is finished
-We are still in a bear trend long term and mid term, this has not been invalidated
-We have moved up quite impulsively and fairly quickly with little correcting so far.
Personal sentiment? Bearish - Neutral
Broader sentiment? Bullish, which may spell the prime reversal signal for MM'S (bearish community sentiment divergence)
BTC is beginning to stall & it is unclear whether there will be another wave up on the short or not. RSI is showing bearish divergence however technical analysis shows that a fifth wave is not off the cards.
Resistance is @ 7150
Support is at @ 6800
A break of these respective levels can signal further motions to be respected.
Signals and signs to watch:
-RSI on the 30 and 1hr is showing signs of bearish divergence
-BTC has broken out of it's rising wedge and is bleeding slightly out of it's channel
-Wave 5 may be truncated or incomplete - signs show that it is finished
-We are still in a bear trend long term and mid term, this has not been invalidated
-We have moved up quite impulsively and fairly quickly with little correcting so far.
Personal sentiment? Bearish - Neutral
Broader sentiment? Bullish, which may spell the prime reversal signal for MM'S (bearish community sentiment divergence)