PRICE ACTION 28D MA has crossed above the 13W MA; and in the process created a new local high @ just under $190. On the 4H chart, this movement has created a bearish divergence which has pivoted the overall position to bearish.
Bulls should be looking for a retest and support off the $170 range to help build a case that prices won’t return to test $120 again. The biggest concern is that price has significantly moved away from the averages; which are currently down below $150.
OPEN INTERESTS (BITFINEX) Long: 2.98 Days Short: 0.40 Days