Are Bitcoin bears running away too early?

PRICE ACTION
While BTC continues to test the resistance at 5300; short positions had a noticeable decline today; dropping by roughly a half days trading volume. Given the green grind for the last week; this wouldn’t seem too unusual at face value...however when factoring in the RSI on the 1D chart and the overhead resistance coming up – in the form of the 52W MA; this suggests poor planning on the part of bear traders.

4H RSI continues to show weakness; despite the low volume upward trend. Look for prices below 5100 as an indicator of downward opportunity.

OPEN INTERESTS (BITFINEX)
Long: 2.46 Days
Short: 1.59 Days

RELATIVE STRENGTHS

• Micro (5m): Flat
  
• 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, 5821 (52W MA), 6200
Support: 4880, 4437 (26W MA), 4317 (28D MA)

PREVIOUS ANALYSIS

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