Hi All, Crypto Sludge here.
I hope all of you are doing fine. Wanted to thank all of you for your support on the latest giveaways - it was fun :)
I am making this post, since i see some important signals in the market, and though i'll give you all a fair warning to not FOMO in pre-maturely.
We are at some important positions now:
On the 1H chart, we finally broke the 200MA line and we are bumping off the 7500$ resistance line which we need to pass to confirm a short-term break out, if we bump off it for to long, we will get a price rejection which will corespond with a 7/9 TD mark we got now. Hopefully the correction will be a short 1-4 candles.
The StochRSI is still not in the oversold zone, so we do have some time.
On the 4H chart
We are clearly over extended with the push into the cloud , as if we look at the stochRSI it has flat lined in the oversold position and are on a TD 6/9
So on the short time frames, I see exhaustion and I think we are reaching an end of this short term bull run, if we see a deep reversal or just a short correction, this remains to be seen.
I do have one another thing to consider, have a look here : https://blockchain.info/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk?filter=1
This is a 10,000 BTC transaction done today from the Mtgox bankruptcy wallet to bittrex - all i can say, be careful entering the market now, unless you got a good strategy.
Trade ON!
Crypto Sludge