Does Bitcoin SLIDE into a bounce?
Notice that there is no strong buying signal (green dot) on the candle following the strong selling (red dot). This is generally negative on the price indicating that there's more short-term downside to come.
However, it should be noted that the monthly current is still moving upwards suggesting that support is steadily increasing. As this continues, it makes a drop to the seasonal current that much less likely.
Once again, because the flow signal has not yet been negated, the overall trend is still bullish. We'd need to see a yellow dip signal indicating a withdrawing of liquidity to start looking more seriously towards the downside.
However, it should be noted that the monthly current is still moving upwards suggesting that support is steadily increasing. As this continues, it makes a drop to the seasonal current that much less likely.
Once again, because the flow signal has not yet been negated, the overall trend is still bullish. We'd need to see a yellow dip signal indicating a withdrawing of liquidity to start looking more seriously towards the downside.
"Even the wise cannot see all ends." - Gandalf
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Connect with me on Twitter. I'm always open to discuss.
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