Volume Oscillation - paradigm shift on the belief. The attitude is gone. The Bull is in question and the traders are in waiting. Everyone is either looking for a deal to take this thing higher or they're looking for confirmation to get the hell out. We've dipped in volume to levels not seen since the start of the rally.
RSI - Doesn't matter. Relative strength is uh.. No one cares.If price propagates around current levels for some time, the index could normalize and that'll give us relative room to go higher. If we do see a drop, the index will bottom out more suddenly and give us a new consolidation level fairly close to the current price. We're not going back down to $7,000 overnight. We'll likely test 10,500 and even 8,800 on the way down.
There's really nothing else to make of the patterns other than we're clearly consolidating to make a decision from there. From what I've seen, you have got to be cautious on the way down. Short positions notoriously get knocked out when bitcoin gets to these longer termed consolidations. It'll throw up $500 increase on you before simmering back down to confirm an appropriate time to short. Don't just look for the price to leave the 'wedge' beneath the bottom portion of the triangle. Look for some volume and distance away from the dogpile.
RSI - Doesn't matter. Relative strength is uh.. No one cares.If price propagates around current levels for some time, the index could normalize and that'll give us relative room to go higher. If we do see a drop, the index will bottom out more suddenly and give us a new consolidation level fairly close to the current price. We're not going back down to $7,000 overnight. We'll likely test 10,500 and even 8,800 on the way down.
There's really nothing else to make of the patterns other than we're clearly consolidating to make a decision from there. From what I've seen, you have got to be cautious on the way down. Short positions notoriously get knocked out when bitcoin gets to these longer termed consolidations. It'll throw up $500 increase on you before simmering back down to confirm an appropriate time to short. Don't just look for the price to leave the 'wedge' beneath the bottom portion of the triangle. Look for some volume and distance away from the dogpile.
I have no convictions as it sits, but there’s a great likelihood it will tour down to the precious bounce. If there’s no interaction and it continues south, the price may play with us a little while before taking down further. Once confirmed, I would anticipate the previous bounce to make for the next resistance level.