$4000 Temporary Short/Long Analysis
Nouvive in conjunction with Nouvive Intelligence has done an indepth analysis of Short/Long and accumulation periods of Bitcoin to find that BTC over the next several days will revisit $3518 before deciding what to do next.
The chart above illustrates the following
- Following the pump from $3300 to $4100, we saw Longs exchausted and eagerly taking profit in anticipation of a dump.
- Shorts hit a double top that was last seen in September – a key area of where shorts exhaust themselves.
- Shorts dipped seeing a key area of resistance in both October and November, this is where shorts currently lie at the moment at 36521 to 26958 longs.
- A re-test of the support area saw Shorts dip back up, especially on the 3D Chart where $4299 is the resistance for the 15MA – a key indicator for resistance seen over the past several months.
- Accumulation following the resistance levels with BTC being denied saw accumulation on the OBV Dip.
- Despite all of this MACD is indication that for the first time since June, we are seeing a growth for Bitcoin.
- This matched with RSI Stochastic illustrates there is still some ay to go for BTC, potentially to test $4678.
Nouvive Says: It is more than likely that we will see a 12.95% increase over the christmas period as traders and institutions step away from the table and algorithms step in to take over and continue the selling pressure. A re-test of the key support area for shorts illustrate that they are slowly building up 6% day on day over the past 3 days. The inability for BTC to past the 15MA is worrying for a short-term outlook.
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