Looking at the hourly chart it looks like Bitcoin is in an upwards parallel channel. As long as the bottom of the channel trendline holds as support, we could be looking bullish. However, there are numerous indicators that make me believe it might not hold.
1) The seller volume has been much higher, engulfing all buy volume.
2) The recent "M" pattern (bearish) did follow through but the "W" pattern (bullish) did not.
On the flip side, it is good that we've been holding above the $11500 weekly support.
I remain neutral and am on the sidelines waiting for additional confirmation before re-entering a position.
1) The seller volume has been much higher, engulfing all buy volume.
2) The recent "M" pattern (bearish) did follow through but the "W" pattern (bullish) did not.
On the flip side, it is good that we've been holding above the $11500 weekly support.
I remain neutral and am on the sidelines waiting for additional confirmation before re-entering a position.