Bitcoin coming back down?

PRICE ACTION
Volume has been steadily decreasing since the breakout. RSI is bearish on several timeframes; suggesting that the next action will be a lower. Interestingly, over the last week a few suggestions have related to a short squeeze being the catalyst for the upward movement – however the impact (on Bitfinex at least) was only a reduction of ~33% of the short volume. Long margin positions also took the opportunity to cover; at roughly the same % of total.

52W MA is a little below 6k; so, the logical position would be that there is significant resistance above – approximately 13% risk on a short position.

OPEN INTERESTS (BITFINEX)
Long: 2.37 Days
Short: 2.07 Days

RELATIVE STRENGTHS

• Micro (5m): Flat
  
• Short Term (4h): Bearish Divergence
  
• Mid Term (1D): Overbought
  
• Macro (1W): Hidden Bearish
  

ON BALANCE VOLUME

• Mid Term (1D): Higher
  
• Macro (1W): Lower
  

KEY PRICE AREAS
Resistance: 5335, 5879 (52W MA), 6200
Support: 4880, 4476 (26W MA), 4269 (28D MA)

PREVIOUS ANALYSIS

• 2019-03-18
• 2019-03-16