Bitcoin (BTC) - Happy buying spot here, wathcing OBV

Everyone is watching BTC, there is an expectation of a further drop and even a continued bear market. I am in the neutral camp with the current price action, with a bullish bias - I think this is an attractive area to be speculating long. There is currently a confluence of indicators telling me that we are ready to retest the 54 and possibly 59k range. OBV distribution channel looks ready to break, just as it has in previous accumulation rallies and it is doing so from a convincing trend base line. the distinct difference this time is that price has led volume, which is a sign for caution - but volume is now looking to confirm the price declining trend break. The Volumes have been low, but we had a couple of higher than average buy volume days on coinbase recently which I take as a bullish indicator (big sell volumes on coinbase is a bearish indicator, and conversely, big buy volumes I see as a leading indicator, and we have seen a recent period of above average buy volume on coinbase in the recent dip, while other exchanges appear to be showing sell volumes). BTC appears to be consistently moving off exchanges into cold storage which is another positive sign of ongoing accumulation (rather than distribution, as we might assume was happening at the 54k range - note too there was higher than usual coinbase sell volumes at the 54k range)

Further

On the bullish side: concurrently, MACD RSI and OBV all are giving bullish divergences on the 4H - I don't trust any indicator in isolation, particularly those widely available and changeable ones, but a confluence of all three I do take a degree of confidence from.

On the bearish side: we are in a solid down trend, and the bears appear to have the upper hand still - we have to be cautious of further mischief to trigger liquidations panic selling and further accumulation.

So

I am happy to be buying BTC on spot at around the 46k range, with some buy orders set lower in case of mischief. Though trading this area very cautiously



A bit of coinbase buy activity