BTC broke out nicely of the range that we were expecting to form after the short squeeze on the 21st of July.
As I said before, I expect a bit higher now that we reclaimed the POC and daily at 32,862
The levels are the same and marked on my chart.
However, this idea is not to talk about targets but about volume. As you can see, even though we saw nice momentum to the upside, we have bearish divergences on the LTF and the HTF using OBV (on balance volume).
The red lines are the LTF bearish divergences and the blue lines HTF divergences, what we can get from that is that volume is not here to back up this move to the upside, so I want you to be aware of that.
This doesn't mean that we have to move back down, but this is something you have to keep in mind. Be more cautious when going long.
Any questions?
Good luck traders
Remember not to break your rules
Habib
As I said before, I expect a bit higher now that we reclaimed the POC and daily at 32,862
The levels are the same and marked on my chart.
However, this idea is not to talk about targets but about volume. As you can see, even though we saw nice momentum to the upside, we have bearish divergences on the LTF and the HTF using OBV (on balance volume).
The red lines are the LTF bearish divergences and the blue lines HTF divergences, what we can get from that is that volume is not here to back up this move to the upside, so I want you to be aware of that.
This doesn't mean that we have to move back down, but this is something you have to keep in mind. Be more cautious when going long.
Any questions?
Good luck traders
Remember not to break your rules
Habib
