PayPal news seems more likely to be a reason/excuse to pump rather than a catalyst to the temporary bullish momentum in the current bear market.
4 hours RSI today still shows an underlying weakness in the market with its inability to break out of the trend developed over several months since the fall from the 680 rally. We are also hitting an upper resistance as defined by the red horizontal line in the chart.
We'll most likely still be making a visiting to $350 if BTC fails to make new highs from here to invalidate the elliot wave. Next few hours to days will be crucial.
I will be waiting for a new peak to short, in the meantime we'll trade sideways for a while.
4 hours RSI today still shows an underlying weakness in the market with its inability to break out of the trend developed over several months since the fall from the 680 rally. We are also hitting an upper resistance as defined by the red horizontal line in the chart.
We'll most likely still be making a visiting to $350 if BTC fails to make new highs from here to invalidate the elliot wave. Next few hours to days will be crucial.
I will be waiting for a new peak to short, in the meantime we'll trade sideways for a while.