Today’s sudden spike around noon (east cost US) caught a lot of people off guard and closed up about 10% of outstanding shorts at Bitfinex. Price was rejected by the 6800-7000 area we’ve been talking about. However price did close nicely above the 8 day and near the top of the daily range. Both good signs for bulls.
-Price above 8 day
-On the cusp of RSI breakout
-Daily volume 24% higher than avg at Bitfinex, only avg at Binance
-Stoch RSI still positive and climbing
-Overall downtrend very much intact
-Price below all MAs aside from 8 day
-RSI downtrend still intact
-Rejection at 6800-7000 resistance zone
Zoomed out a bit here with Bitfinex shorts removed..