Are Bitcoin bulls running out of steam?

PRICE ACTION
Price continues to fill out the ascending pattern; which should give us a cleaner read over the next 24-48 hours. However, on the 1D chart we could be setting up a hidden bullish divergence – with RSI about to break lower than its trending support.

The 5m chart has been incredibly volatile over the last 48 hours; and the 1D is showing its first significant red day in over a week. Prices below $5100 will still be the indicator for bulls running out of steam so watch that area closely.

OPEN INTERESTS (BITFINEX)
Long: 2.44 Days
Short: 1.68 Days

RELATIVE STRENGTHS

• Micro (5m): Weak
  
• Short Term (4h): Bearish Divergence
  
• Mid Term (1D): Overbought
  
• Macro (1W): Hidden Bearish
  

ON BALANCE VOLUME

• Mid Term (1D): Higher
  
• Macro (1W): Lower
  

KEY PRICE AREAS
Resistance: 5350, 5819 (52W MA), 6200
Support: 4880, 4434 (26W MA), 4363 (28D MA)

PREVIOUS ANALYSIS

• 2019-04-08
• 2019-04-07
• 2019-03-18
• 2019-03-16