Broken Uptrend
After three impulsive waves Bitcoin started to show signs of weakness.
To go long on this one we have to first wait for it to find support, if this makes a lower low, then it is going to be game over for a while. If this makes a higher low or a support in the 16K level then we will see if a positive momentum divergence is formed. If not, then it's time to send the crypto currencies to the fridge for a while.
- It already broke the main trend.
- The Momentum went to the negative side, it signaled the start of a negative wave.
- The volume imbalance is on the bear side.
To go long on this one we have to first wait for it to find support, if this makes a lower low, then it is going to be game over for a while. If this makes a higher low or a support in the 16K level then we will see if a positive momentum divergence is formed. If not, then it's time to send the crypto currencies to the fridge for a while.
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