10-10-2015 Bitcoin weekend update, market consolidates, short term bearish
My BTC weekly update:
TA wise, I am actually slightly bearish short term because of the following reasons:
1. Largest bar on a short term uptrend three days ago. Possible last exhaustive push. We have been up for 4 weeks straight now.
2. We made new highs for a brief moment before pulling back, a new high above 248 would be a continuation of the uptrend. We are below that now which imo is slightly bearish. 250 is strong resistance. If you look at past data, 250 proved to be good reversals area.
3. Volume in an uptrend should pick up but I do not see that happening on futures open interest or volume. Generally, people should be "excited" to speculate when price move higher.
So until price can prove to us that it can go above 250, I won't be buying and waiting on the sideline.