What’s up, everyone? Today I am hanging out, definitely not trying to drive as gas jumped $.45 a gallon overnight in my area. So I am popping into the charts to take a look to see if there is anything good to play.
Well taking a look at the chart above, which is the BTC/USD 1HR timeframe, we can see that the RSI is way down in the oversold levels, the momentum wave showing a buy signal, and the VWAP are turning to the upside. Looking mighty bottom-ish to me!
The price absorption that is showing means that there are buyers sitting at that level either trying to buy up new stock at lower levels, short sellers are closing positions, or previous buyers are defending their older positions.
Being in a downtrend, the last couple of days looks like we are ranging on a bottom level and may be looking to break to the upside! This would put us at the orange point of control which is where A LOT of volume has been pushed. This means that this is a popular price for Bitcoin. If we break to the downside, which absolutely could happen, given these crazy times, it’s not going to be looking good. I am waiting for a bit of confirmation in the price. I want to see decent sized green candle pop in on some good volume. That is when i will be looking for a quick scalp long to the upside. I may ride it to the point of control and then close the trade in that area as that will be some strong resistance.
That’s what this dude is looking at, so take it as you will. Be patient, wait for the trade to come to you.
Until next time…
Be Cool, Be Real, and always ABIDE
Nothing said is financial advise.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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