BTC channel update 8, 1D
As the market remains anxious I am observing the following on the daily
1. Longs are decreasing and shorts increasing (Overall we are in a good long trade position, hodl)
2. The possibility of whales and institutions buying the dip is still present although decreasing in volume.
3. $37378.48 offers resistance currently (Heiken Ashi)
4. Money flow in green is still too high for comfort although losing momentum which co-insides with point 2
5. Heiken Ashi is printing green with shadows top and bottom indicating a possible trend change or pause in trend. Confirmation definitely needed. (trend might be pausing and not necessarily reversing)
6. The trend on the MACD and Money flow vs price is slightly lagging the Trend Exhaustion (at neutral) which might suggest a short term relief before a further push down. Confirmation into long would mean that all indicators sync up with the money flow strongly below price. However, as I mentioned in point 1. the data suggest shorts are still in control on the daily.
7. My own personal sentiment is that we might be close to bottom with some chop in-between. Not Financial advise
Thanks for reading and please smash that like button if you don't mind.
1. Longs are decreasing and shorts increasing (Overall we are in a good long trade position, hodl)
2. The possibility of whales and institutions buying the dip is still present although decreasing in volume.
3. $37378.48 offers resistance currently (Heiken Ashi)
4. Money flow in green is still too high for comfort although losing momentum which co-insides with point 2
5. Heiken Ashi is printing green with shadows top and bottom indicating a possible trend change or pause in trend. Confirmation definitely needed. (trend might be pausing and not necessarily reversing)
6. The trend on the MACD and Money flow vs price is slightly lagging the Trend Exhaustion (at neutral) which might suggest a short term relief before a further push down. Confirmation into long would mean that all indicators sync up with the money flow strongly below price. However, as I mentioned in point 1. the data suggest shorts are still in control on the daily.
7. My own personal sentiment is that we might be close to bottom with some chop in-between. Not Financial advise
Thanks for reading and please smash that like button if you don't mind.
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