I'm still sitting this one out as there are a few things that concern me. This is a 4hr chart but 6hr looks the same.
1. Bearish divergence with RSI marked by blue trend lines .
2. Volume decline.
3. DMI ( ADX ) not looking great.
4. MACD under.
5. Rising wedge
6. 1 Day and 3 Day charts are really screaming for a correction now.
This doesn't mean BTC 1.44% won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.
1. Bearish divergence with RSI marked by blue trend lines .
2. Volume decline.
3. DMI ( ADX ) not looking great.
4. MACD under.
5. Rising wedge
6. 1 Day and 3 Day charts are really screaming for a correction now.
This doesn't mean BTC 1.44% won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.