BTC futures was able to break above the channel/bearflag last week but was rejected at the 50%FIB of the recent down move and sent back down into the channel. However, before everyone gets excited for a move higher, there is an unfilled gap in price at around $6420 and every time there has been a gap in price on Bitcoin futures they have been filled somewhat quickly. I highly doubt this time will be an exception so if you're looking to go long or looking for a short, this could be a good entry target or take profit as this zone will act as a magnet but we could see a further move lower back towards the bottom of the channel.
We haven't really made a new high on the RSI, basically flat while price continues to make new highs, which exhibits bear divergence at the moment.
If we do get the gap fill, pay attention to the volume as a high volume sell-off from the top of this channel could spell further downside and a break below, which from a bearflag could spell test of yearly lows. As always, wait for ideal entry points and wait for your targets and don't chase.
Thanks guys!
We haven't really made a new high on the RSI, basically flat while price continues to make new highs, which exhibits bear divergence at the moment.
If we do get the gap fill, pay attention to the volume as a high volume sell-off from the top of this channel could spell further downside and a break below, which from a bearflag could spell test of yearly lows. As always, wait for ideal entry points and wait for your targets and don't chase.
Thanks guys!