[BTC] - Technical cloud breakout & conflicting indicators, Will the positive sentiment be enough?
Hi All, Crypto sludge here.
in about 20min - 1h 20min, we will probably have a breakout from the ichimouku cloud on the 1h chart.
Although this is a fairly bullish sign, these type of breakouts are technical in nature, and not a followup of some proper market action. The lack of volume today confirms this. But we did spend 3 days under the cloud and made some serious lows.
Furthermore in about 2h20min we will receive a TD9 Sell signal which will signal the exhaustion of this upper move. Just like the previous TD9 Buy we got signaling the end of the down move
Honestly, when i see such conflicting signals, i prefer to stay out until something clearer shows.
I know there is a positive sentiment floating around and i know lots of you would love the comeback of a bull market, but i think this is a time for caution and not reckless trades, as the general market trend on all the higher time frames remains very bearish.