BTCUSD is still going strong, no immidiate weakness can be seen in the uptrend. Even though markets are overextended BTC continued it's rally over the weekend through low volumes. But technically we are still in a downtrend
BTC is fast approaching the major resistance at $11,800, but untill it breaks through and we get a daily close above that level we are still in a downtrend. It is to be expected that if price can hold above $12,000 more investors will come to BTC, and we will technically be in an uptrend. But untill that happens there is an expectancy of a pullback or a continued downtrend among the big money.
What I am looking for is either ❶ that price approaches $11,800 or ❷ for an earlier pullback.
❶ If price reaches $11,800 I will be looking for signals of a pullback to go short, a breakthrough to go long or a breakout failure to go short.
❷ If we get an earlier pullback I will enter long at the first sign of continuation.
USD calendar
Given that today is Presidents' Day in the US low volumes can be expected, and no news reports regarding the USD are scheduled.
This is not financial advise, everybody is responsible for their own trading. I am just sharing my own analysis of the market.