BTC TURNS UGLIER
Yesterday’s candle was showing promise in the morning, but turned hideous by the end of the day - that’s why you wait for the candle to close. We now have two shooting star candles in a row, although not truly placed in an “uptrend.” Regardless, there’s clear resistance at the 200 MA on the daily chart and a ton of selling on every move to the upside.
We also have hidden bearish divergence now, which effectively renders the bullish divergence obsolete.
That said, any dip below the lowest daily closes here will inevitably give us bullish divergence again.
Right now I have low conviction on anything but more chops. I want to see price back in that range.
We also have hidden bearish divergence now, which effectively renders the bullish divergence obsolete.
That said, any dip below the lowest daily closes here will inevitably give us bullish divergence again.
Right now I have low conviction on anything but more chops. I want to see price back in that range.
scott.melker@texaswestcapital.com
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