Quick BTC update on the 4 hour chart.
We have formed a pennant flag over the last couple days and the bulls are really trying to break it even though the RSI is on the high side of the neutral zone. The stoch RSi shows we have room to run after cooling off, but I don’t know how hard tha run would be on a Sunday going into a double dip Monday. I’ve seen stranger things, so I won’t rule it out…but in my opinion, any run up will probably come with a quick correction over the next 24-36 hours.
As I took my snapshot, it shows the bulls trying to push over the resistance line. We have a ton of support under us with the EMA ribbon and two high volume nodes. So i’m not going anticipate any sort of real drop unless a whale steps in and just sells a ton off.
EDIT: 1 hour after posting this, BTC is trying hard to pump up. There is only 30 minutes left in the current candle and it is at 5135. If it closes, I expect a nice little pump to follow. How much, no idea…but ~5500 is possible.
