Bitcoin's Running Out Of Momentum - What's Going On?
Bitcoin daily
Bitcoin is still hovering between the 0.5 and 0.618 Fibonacci retracement levels and the Tenkan and Kijun. The cloud continues to shrink, but for the moment is doesn't look we have the momentum to cross it. The MACD indicates a bearish cross (blue below red) and a small bearish histogram starts to build. The volume has also declined lately.
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Adam and Eve
The Adam and Eve pattern is still in play for now. I first mentioned this possible A&E continuation in my post from 13 days ago and until now everything went quite well. So far we got 3 rejections at the 4100$ resistance level but who knows, maybe the fourth time we will break it.
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Daily Moving Averages
This is exactly what I've feared .. the rejection between the 55 day MA (blue) and 100 day MA (red) - marked by the circle. OK, it's a little to early to say but for now it looks like the bulls ran out of momentum. At the moment the 21 MA (yellow) is holding us, as expected.
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Bitcoin 4H
A closer look at this strange and unusual sideways movement happening lately: we're forming some sort of a very sharp triangle, so a breakout or breakdown will is probably going to happen. The MACD is still hovering above the signal line, but a bearish Histogram formed.
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