I'm still sitting this one out as there are a few things that concern me. This is a 4hr chart but 6hr looks the same.
1. Bearish divergence with RSI marked by blue trend lines.
2. Volume decline
3. DMI (ADX) not looking great
4. MACD under
This doesn't mean BTC won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.
1. Bearish divergence with RSI marked by blue trend lines.
2. Volume decline
3. DMI (ADX) not looking great
4. MACD under
This doesn't mean BTC won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.