-I'm seeing more hidden bearish divergence than hidden bullish divergence in the oscillators. (no regular bullish or bearish divergence)
-There's a not-so-convincing (pretty rough looking, imo) inverse head and shoulders that may complete soon.
-There's stiff resistance in the way of a strong supply zone around the $47K to $50K area, so I could see price getting rejected there if it does head upward. That's also an important psychological barrier.
-Price has been printing a rising broadening wedge, and those end to the downside more often than not.
-RSI and MFI may have maxed out (meaning: overbought) already, and if not, they likely will soon.
To me, this is a tough call, but I'm thinking up to $50K, then a trip back down to $35K. If that inverse head and shoulders fails, however, I think we'll just head lower immediately.
-There's a not-so-convincing (pretty rough looking, imo) inverse head and shoulders that may complete soon.
-There's stiff resistance in the way of a strong supply zone around the $47K to $50K area, so I could see price getting rejected there if it does head upward. That's also an important psychological barrier.
-Price has been printing a rising broadening wedge, and those end to the downside more often than not.
-RSI and MFI may have maxed out (meaning: overbought) already, and if not, they likely will soon.
To me, this is a tough call, but I'm thinking up to $50K, then a trip back down to $35K. If that inverse head and shoulders fails, however, I think we'll just head lower immediately.