HI all, Crypto Sludge here.
With traditional markets mainly in the US continue to nose dive , BTC as it seems have detached itself from that trend and is holding in my No trade zone 7270$-8750$, (Bottom of the cloud+ TD Make trend line & TD risk lines) following the ichimoku cloud on the 1H chart , however the StochRSI is in the oversold area beginning to tip down - so we might see a dip.
I must however add, that so far I am not seeing any bullish signals on any higher time frames, if anything it seems that we are in a consolidation area unless some news/fud hits. There is however good buying pressure preventing the price to dip to much, it's clearly visible on the candle patterns.
So i still remain cautious, waiting for price action above or bellow my no trade zone , once either sides of it will be breached i will reconsider the movement based on other indicators.
tl;dr : yawn on the btc front :D
p.s : if BTC is indeed consolidating in this channel, we need to keep our eyes open for ALT's price movement, I am looking at it right now and will update if I see any interesting trades.
Stay Strong
Trade ON!
Crypto Sludge.