Market Update & Insights 03-20-19: BTC/USDT
Justin W. 9:58 AM
BTC/USDT
I'm looking for TT to throw up some bearish divergence if we top here at resistance. Such a signal on the eight hour time frame would be a good impetus for my bearish bias. Waddah Attar is helping to keep me out of a long position as well by showing me the weakness of the bulls at this point in time.
Structurally, Bitcoin is looking like a double top scenario at this 4000-4040 price level. Falling volume in a weak ascending channel also speaks to the weakness of bullish hands at this point in time. No strong indications to take any position at this point in time, because we do not have confirmation, or a liquidity run to take this trade short yet.
L/S Ratio is increasing slightly to the bullish side over the last couple of days, but you can see the massive hesitation from the bulls. Look at the swift decline in the L/S Ratio as price advanced back towards resistance, indicative of profit-taking as longs closed out their positions. Nobody feels comfortable longing resistance it seems. Sometimes retail gets it right.
