Last week's candle close was a small doji, showing indecision and a lack of movement. The candle opened and closed within a $200 range. That usually shows that the market is pausing and that the next candle will likely give clarity.
The $40,000 area has become increasingly more important, as price tests the area repeatedly.
Bulls want to see this line in the sand hold.
Price is still trading below meaningful MAs on lower time frames, including the 50 MA on the daily.
Not much to see here, but I still contend that bears are temporarily in control until people stop selling GBTC and that pressure leaves the market.
The $40,000 area has become increasingly more important, as price tests the area repeatedly.
Bulls want to see this line in the sand hold.
Price is still trading below meaningful MAs on lower time frames, including the 50 MA on the daily.
Not much to see here, but I still contend that bears are temporarily in control until people stop selling GBTC and that pressure leaves the market.
scott.melker@texaswestcapital.com