Bitcoin: Low Volume Selling, Buyers still in control
Buyers are really trying to push price higher but are
struggling to push through the 59,500-60,000 level.
On the daily chart, April 3rd and April 4th were low volume
sell bars (yellow bars on chart). Price then broke above the high of the
April 4th low volume selling bar which was an indication that
sellers still do not have control. Price hit resistance and is now coming
down a little.
They are trying to sell again and break through the 21 day EMA but even
if they do, there is no indication yet that buyers are getting out of their
long positions in substantial numbers.
I am currently long Bitcoin.
struggling to push through the 59,500-60,000 level.
On the daily chart, April 3rd and April 4th were low volume
sell bars (yellow bars on chart). Price then broke above the high of the
April 4th low volume selling bar which was an indication that
sellers still do not have control. Price hit resistance and is now coming
down a little.
They are trying to sell again and break through the 21 day EMA but even
if they do, there is no indication yet that buyers are getting out of their
long positions in substantial numbers.
I am currently long Bitcoin.
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