I am posting this short term analysis as I have noticed a complete switch within public market orders of shorts/long positions. Within the last 8 hours shorts have increased heavily while long positions have diminished, this shows preparation for a dip back down to previous support of 6,800.
I believe the crypto community is slowly healing from 2018 losses and confidence within btc has increased in overall market speculation. With the addition of 30billion, we are moving away from the low cap size of 200billion that we were hovering during most of August.
During retrace I will look for a bounce off support EMA’s. With Monday being a holiday, I believe price action will be conservative/consolidating until Tuesday/Thursday.
My indicators are also showing overbought price action.
I will be back to posting normal TA this week along with a vast amount of analysis on Alt coins
Btc Current price is 7,304
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 12:13pm LOS ANGELES TIME.