Is the rally over?
I think that's the question on many people's minds right now as we come up against strong resistance and seem to be having trouble breaking $300. So far, the breakout pattern is still intact, but not without signs of weakness. $290 will be a key price level to hold if we are to continue the bull run.
The market is showing signs of being overbought on the 3d chart. The bull run has been steady, but we have not broken the downtrend yet and it's not looking too promising at the moment. As I've noted in earlier charts, we appear to be struggling up here on diminishing volume and despite a secondary rise, bitcoin still hasn't been able to spark another buying frenzy that would push us over the trendline.
That said, we could still get a quick, fast run up to $350 if bitcoin starts moving over $300 again, but either way, a shorting opportunity is on the horizon. I'm not taking any trades yet, but I've been looking for this retrace for a while and will try to catch it when it finally breaks.
The market is showing signs of being overbought on the 3d chart. The bull run has been steady, but we have not broken the downtrend yet and it's not looking too promising at the moment. As I've noted in earlier charts, we appear to be struggling up here on diminishing volume and despite a secondary rise, bitcoin still hasn't been able to spark another buying frenzy that would push us over the trendline.
That said, we could still get a quick, fast run up to $350 if bitcoin starts moving over $300 again, but either way, a shorting opportunity is on the horizon. I'm not taking any trades yet, but I've been looking for this retrace for a while and will try to catch it when it finally breaks.
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