SC-BTC/Short-Mid Term: Potential Pullback to 35-33 then back UP
We may see a pullback to 35-33 sat range as a healthy result of this resent uptrend. I would say in the next week or so. So many little green candles.
Short-mid term: Establishing confluence:
Price action, Volume, RSI, MACD, BTC Hashrate, BTC/Altcoin Dominance
We've tested 41 sats 3 days in a row (-1).
We haven't seen any significant volume increases that would suggest we may breach that 41-42 sat region, though we have created a higher-high so it could go either way (+1/-1).
RSI 4hr shows us in near oversold region; the trends don't show any obvious signs of bearish or bullish divergence assuming we close above 39 sats on the 4hr (-1).
We've spent 9 days above the zero line on the MACD which has not happened since we last pumped, which is usually followed by a down trend in price. Also important to note for the MACD, we've maintained a rather neutral uptrend structure, which is different from April - I would expect the next pump to start from below the zero line and travel sharply upward (-1).
Bollinger bands also suggest we're overextended, which is typically followed by a correction (-1).
There are, however, signs of hidden bullish divergence on the MACD (indicated by a < structure, looking at the bottom trend lines of the MACD and price action of candlesticks) (+1).
BTC needs to close above 36k ASAP or we can expect another pullback to at least the 33k region - some speculate that there isn't enough supply to get us there though who knows really (+1/-1).
BTC Hashrate has been increasing (18% increase in last 7 days) and BTC dominance has been decreasing (~3% decrease in past 7 days) which subsequently causes altcoin dominance to increase (~13% increase in past 7 days). This would suggest a continued uptrend for BTC in the short-mid term, which should bring SC with it (+1).
You could also argue we're in an upward channel or rising wedge, both of which are indicative of a future downward price movement. This is either validated by a confirmed break below the bottom support line or invalidated by a break beyond the upward resistance line. Price action could very well continue bouncing slowly upwards in-between. It's important to note that these formations are considered to be on the weaker end in terms of reliability (-1).
In terms of confluence (for short-mid term), this equals 7 points towards a price decrease from its current position and 4 points towards a price increase/continued uptrend surpassing resistance. Even if it results in a downtrend, I believe the price will recover and it will be the last major pullback we see before we suit up :rocket:.
Open to any and all feedback. Let me know if you agree or why you disagree.
Just my 0.00000002 sats. Not financial advice. DYOR
Thanks for reading.
Short-mid term: Establishing confluence:
Price action, Volume, RSI, MACD, BTC Hashrate, BTC/Altcoin Dominance
We've tested 41 sats 3 days in a row (-1).
We haven't seen any significant volume increases that would suggest we may breach that 41-42 sat region, though we have created a higher-high so it could go either way (+1/-1).
RSI 4hr shows us in near oversold region; the trends don't show any obvious signs of bearish or bullish divergence assuming we close above 39 sats on the 4hr (-1).
We've spent 9 days above the zero line on the MACD which has not happened since we last pumped, which is usually followed by a down trend in price. Also important to note for the MACD, we've maintained a rather neutral uptrend structure, which is different from April - I would expect the next pump to start from below the zero line and travel sharply upward (-1).
Bollinger bands also suggest we're overextended, which is typically followed by a correction (-1).
There are, however, signs of hidden bullish divergence on the MACD (indicated by a < structure, looking at the bottom trend lines of the MACD and price action of candlesticks) (+1).
BTC needs to close above 36k ASAP or we can expect another pullback to at least the 33k region - some speculate that there isn't enough supply to get us there though who knows really (+1/-1).
BTC Hashrate has been increasing (18% increase in last 7 days) and BTC dominance has been decreasing (~3% decrease in past 7 days) which subsequently causes altcoin dominance to increase (~13% increase in past 7 days). This would suggest a continued uptrend for BTC in the short-mid term, which should bring SC with it (+1).
You could also argue we're in an upward channel or rising wedge, both of which are indicative of a future downward price movement. This is either validated by a confirmed break below the bottom support line or invalidated by a break beyond the upward resistance line. Price action could very well continue bouncing slowly upwards in-between. It's important to note that these formations are considered to be on the weaker end in terms of reliability (-1).
In terms of confluence (for short-mid term), this equals 7 points towards a price decrease from its current position and 4 points towards a price increase/continued uptrend surpassing resistance. Even if it results in a downtrend, I believe the price will recover and it will be the last major pullback we see before we suit up :rocket:.
Open to any and all feedback. Let me know if you agree or why you disagree.
Just my 0.00000002 sats. Not financial advice. DYOR
Thanks for reading.