Considering we just had a pretty major drop we would expect at least some kind of bullish strength or some strong support reactions. But in my interpretation the attempts made by the bulls to push price have failed thus far.
I am seeing bullish weakness. Or, at the very least we see market indecision in favor of a bearish move.
Price has failed to climb, and instead is just plateauing while also showing weak volume.
Thus, current price action does not make a convincing argument for any type of significant bounce upwards.
There are a lot of significant rejections we observe that took place over the last few hours. Especially this last candle is very bearish.
Although we may crab on like this for a little while, I would not be surprised if we are witnessing the precedent for another substantial move downward.
The struggle to break the simple 1H 10EMA and 20EMA also does not inspire confidence of a trend reverse.
Do with that what you will. For me personally though, I think this chart favors shorts. Once the structure turns into a rounding structure, I'll see that as a good confirmation for entry.
NFA - as you know, crypto may surprise us ;)
I am seeing bullish weakness. Or, at the very least we see market indecision in favor of a bearish move.
Price has failed to climb, and instead is just plateauing while also showing weak volume.
Thus, current price action does not make a convincing argument for any type of significant bounce upwards.
There are a lot of significant rejections we observe that took place over the last few hours. Especially this last candle is very bearish.
Although we may crab on like this for a little while, I would not be surprised if we are witnessing the precedent for another substantial move downward.
The struggle to break the simple 1H 10EMA and 20EMA also does not inspire confidence of a trend reverse.
Do with that what you will. For me personally though, I think this chart favors shorts. Once the structure turns into a rounding structure, I'll see that as a good confirmation for entry.
NFA - as you know, crypto may surprise us ;)