Is this pump a trap? (1 day chart)
Indicators are still heavily over sold on BTC
RSI just coming out over over sold
Histogram creating a big cup ( Would like to see more structure and divergence)
OBV and W%R creating small "W"s
I do think we have some more upside. I think for now we have a little pullback to retest the "bottom" so we can create a nice W in price structure and have a firm foundation to move forward ( V bottoms generally don't last to long). I do see a rally up to the bottom end of value on VPVR but met with heavy resistance with price and the POC. There are many ways to play this set up, its up to you and your trading plan.
Don't forget to hit the like button or follow me on Trading View for more chart analysis :)
Indicators are still heavily over sold on BTC
RSI just coming out over over sold
Histogram creating a big cup ( Would like to see more structure and divergence)
OBV and W%R creating small "W"s
I do think we have some more upside. I think for now we have a little pullback to retest the "bottom" so we can create a nice W in price structure and have a firm foundation to move forward ( V bottoms generally don't last to long). I do see a rally up to the bottom end of value on VPVR but met with heavy resistance with price and the POC. There are many ways to play this set up, its up to you and your trading plan.
Don't forget to hit the like button or follow me on Trading View for more chart analysis :)
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