PRICE ACTION
After a nice consolidation period; it looks like a weak sell off was attempted but quickly bought up by the bulls. The 4H “flag” looks well overextended compared to the height of the prior movement – so it looks like another leg down would need to come organically rather than through a further impulsive move.
Price is in the middle of the post breakout range; so, while the macro indication is for further pullback – the short term is less defined. The 4H is also in the middle of what appears to be a ; and the 5m is showing (outside of the test of 5k) a fair stable ranging.
Put alerts and 4850 and 5350 and go enjoy your weekend…
OPEN INTERESTS (BITFINEX)
Long: 2.18 Days
Short: 1.62 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Weakening
KEY PRICE AREAS
Resistance: 5500, 5818 (52W MA), 6200
Support: 4880, 4529 (28D MA), 4431 (26W MA)
PREVIOUS ANALYSIS
Published at Sat, 13 Apr 2019 00:16:04 +0000
