Summary
BTCUSD has made higher highs with lower volume than previous high and currently above 9375ish support zone. Price went below trend line in overnight action and bounced up with less volume which is a concern.
BTC charts are giving out mixed signals. MACD is crossing over to the upside showing strength in buying but volume is less than the previous bounce up. We need to see a strong bounce up to confirme bulls have the control and get confidence on 17k target.
Flip side, there is a possibility of BEAR FLAG formation on the 4 hr chart with pole highs at 11600. This cannot be ignored because the over night bounce up was with less volume. A good trader always keep an eye on the opposite side too, I am not saying we are in bear market yet, but just to keep an idea of the other side
Complete picture: I would continue to look for bullish trend until we see a lower low and none of the support zones upto 7kish levels hold if BTC ever makes lower low from here. That's when the Bear flag will come into play
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
