Yes it was a dump, no we won’t go further than $6400. The Market was heating up as a result of the average 7% Move Up. Its time to just cool down for a few days
Those that are worryingly messaging the Nouvive Team across our Social Media Platforms must understand that whenever something moves up at an increased rate, it must cool down to a level before moving up once again. Such was the case with the entire market as its currently down close to 2%.
Why do you say this?
- The institutions, those that have far more resources and knowledge than the majority of the market are moving to Net Long Positions – de-leveraging out of their shorts.
- There is higher open-interest for Longing Bitcoin than shorts.
- Shorts for Bitcoin and thus the entire market are at a 3 MONTH LOW.
- This gives Nouvive Research the impression that the market is simply cooling for filling the Volume Gaps that were present that Bitcoin skipped as it made its way up to $6600.
Where does Nouvive See Bitcoin going today?
- OBV that illustrates open interest and volume within the market fell the same time the dump coincided. This is normal.
- OBV also has started to spike up following the bounce at $6445 – therefore illustrating that on the higher time frames this could potentially be a dead cats bounce. Nouvive deems the dead cat bounce as MORE THAN UNLIKELY.
- Despite increased sell-side pressure, volume is decreasing Hour on Hour, thereby insinuating that Bitcoin will likely see a move in either direction. Most Likely to a 65-35 position as going Long.
- All the moving averages are lining up – soon to be crossing-over – this gives the impression that Bitcoin will seek to re-test $6561 before moving to $6641.
Nouvive continues short-term outlook for a Bullish Move up following a Cooling-Off Period.
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