📊 Bitcoin is working its way up - TA of current sentiment
After the breakout yesterday Bitcoin took a rest for some hours, before finally bursting up again another step.
As you can see onf the daily Bitmex chart I think we are now working on the 3. green Elliot wave, and orange wave ii was done with just a small spike down.
Price may break the $8k mark over the weekend. This coincede just above the 0.382 fibonacci level from the February low and March high.
The OBV oscillator is nice, telling it is buyers volume driving the price.
We have a bull divergence on both OBV and RSI versus daily candle close of price, shown by the yellow lines on OBV and price.
The 1 hour chart show how stable the price can be hour after hour, driving the impatient traders to the point of insanity.
This clearly create a lot of optimism, and the bearish shorters get busy filling their short trades before liquidation.
Also notice the thin shadow making orange wave ii. I see no divergence on the 1 hour chart.
Here is the 1 hour chart from HitBTC with the Superguppy tool telling both traders and investors group are yet indecisive of the break out. The Aqua colored Trend Break Arrow Alert signal trend is now up, but have yet to be confirmed by a green Swing arrow.
Price is now above middle of the floating fibonacci levels, and volume the past 3 hours is all green.
RSI show no divergence here.
Now is the time to hold your bags in my opinion.
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
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