๐ก BTCUSD: Sideway after a strong spike
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The 7-day streak of price increases came to a halt following a decrease yesterday. However, it's worth noting that yesterday's downward movement, represented by the D1 bar, exhibited a narrow range and a minimal lower shadow, indicating that the selling pressure lacked significant strength.
Moreover, there are ongoing signs of excess, particularly in the form of overbuying. This marks the third consecutive day in which BTCUSD has remained in an overbought state. When an asset is overbought, it tends to be more prone to a downward correction rather than a continued upward trend.
Although the BTCUSDT chart structure supports an overall uptrend on this timeframe, it would be prudent to await a corrective downward move before considering a buying opportunity.
Moreover, there are ongoing signs of excess, particularly in the form of overbuying. This marks the third consecutive day in which BTCUSD has remained in an overbought state. When an asset is overbought, it tends to be more prone to a downward correction rather than a continued upward trend.
Although the BTCUSDT chart structure supports an overall uptrend on this timeframe, it would be prudent to await a corrective downward move before considering a buying opportunity.
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Furthermore, the price compression trend persisted as yesterday's D1 bar closed within the range of the previous D1 bar, maintaining the pattern of each subsequent bar being contained within the preceding one, creating what we refer to as a Triple Inside Bar with three consecutive D1 bars nested inside each other. This series of bars illustrates a cumulative price compression, which, if sustained, could potentially lead to heightened volatility in the near future.๋
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