Nice recovery in progress but volume is lessening so I'm watching for a loss of the hourly higher lows to break. Considering BTC is king in this market and that we are still in a very long downtrend I would take profit when I can and not assume this is the start of any long term return of the bulls. Until we get a few weeks of solid steady gains I will treat every bounce as an opportunity to take profit and get out in order to protect losses.
Support: 47.12; 53.85
Resistance: 55; 55.13; 56.76; 59
RSI approaching oversold on the hourly (68) but only (56) on the 4 hour and (42) on the daily. I'm no expert but to me this is relatively neutral.
Volume: Neutral on the hourly chart.
Bottom line: We are still deep in bear country regardless of this "green day" in the markets. Remain VERY cautious and take profits.
Finally, I am no expert so take what I say with a grain of salt.
Support: 47.12; 53.85
Resistance: 55; 55.13; 56.76; 59
RSI approaching oversold on the hourly (68) but only (56) on the 4 hour and (42) on the daily. I'm no expert but to me this is relatively neutral.
Volume: Neutral on the hourly chart.
Bottom line: We are still deep in bear country regardless of this "green day" in the markets. Remain VERY cautious and take profits.
Finally, I am no expert so take what I say with a grain of salt.