BTC Price action is excellent today. This movement is sustainable!
Hey everyone, just wanted to post some brief thoughts on the btc 15min chart. Remember, these are thoughts and not investment advice.
Truthfully, I couldn't ask for much more than we we're looking at here. Strong and steady volume, healthy churn on every step up. We see the RSI leveling out nicely after each movement with VERY strong support on the middle Bollinger band. Look at those lower wicks on the more recent candles.
Remember that the bulls are chipping away at a strong resistance level right now. Note how the OBV (on balance volume) remains strong even when prices are level. This 'softens' the resistance, especially the more times it's hit. We are seeing healthy churn, too, so we know these moves are likely to be sustainable.
On the macro scale, I believe the chartists who see this as the last phases of an inverse hns bottom. We are currently exiting the right shoulder. And look at that beautiful stoch rsi crossover happening on the 4 hour.
So it's looking like 6k was the bottom. Once btc is in a clear and stable bullish-neutral place, we may see alts pick up again. For now, exercise caution.
Update - this sell-off is WAY overdone and a bounce back up can be expected.
Looking good as btc churns a little after that correction. Stoch RSI has just crossed over, so we'll see what the next move up brings. I expect another higher high, but I am a bit concerned at the low volume right now. If volume doesn't pick up, we may see the past few hours' gains slip away.
Remember that there are several levels of resistance (HnS neckline and previous highs which other chartists have covered more in depth) I am mostly commenting on price action.
Going well so far for this hypothesis so far. Middle BB was no problem and will likely act as support from now on.
