Another analysis I noticed is there is clearly bearish divergence forming on RSI and MOM up to the 3 hour charts.
Bears were clearly in control in the 5000-4000 range.
Bulls have managed to stay in control of the 4000-3000 range. Unless there are big moves in either direction, this back and forth could take a while.
Its so easy to go short on big volume selling (which I haven't seen in the current 3000-4000 range.
Its also easy to be bullish on big buying moves which haven't happened in the 4000-5000 range. Even on the way up to 5k.
All in all I don't feel very confident in either direction. Im more bearish but need some proof by an increase in selling. The 4000k-5000k has never had buying volume going up or down so maybe we are just consolidating to the real price.
Feel free to comment if you see it differently.
Bears were clearly in control in the 5000-4000 range.
Bulls have managed to stay in control of the 4000-3000 range. Unless there are big moves in either direction, this back and forth could take a while.
Its so easy to go short on big volume selling (which I haven't seen in the current 3000-4000 range.
Its also easy to be bullish on big buying moves which haven't happened in the 4000-5000 range. Even on the way up to 5k.
All in all I don't feel very confident in either direction. Im more bearish but need some proof by an increase in selling. The 4000k-5000k has never had buying volume going up or down so maybe we are just consolidating to the real price.
Feel free to comment if you see it differently.