After encountering support and a possible spring, BTC attempts to break through resistance and fails, re-entering the trading range and achieving some sort of equilibrium. At this point not bullish, but not bearish either.
After 16 hours of pushing and pulling, it seems that momentum has again shifted to the sellers, as we can see on the 5 min chart. The selling waves have overpowered the buying waves and have broken through several important areas.
Our 1 box p&f chart also shows a shift from bulls to bears. This is still in the early stages but since up to now the overall intermediate trend is down, we are taking this shift of momentum back to the bears as an early sign of continued liquidation.
After 16 hours of pushing and pulling, it seems that momentum has again shifted to the sellers, as we can see on the 5 min chart. The selling waves have overpowered the buying waves and have broken through several important areas.
Our 1 box p&f chart also shows a shift from bulls to bears. This is still in the early stages but since up to now the overall intermediate trend is down, we are taking this shift of momentum back to the bears as an early sign of continued liquidation.