Bulls defend the bid

Quick Take

  • Volume was well below average the last four trading sessions with volume declining overall since the $13,900 top a couple of weeks ago. Something to keep an eye on as there’s some clear distribution (profit taking) taking place
  • Momentum indicators are pretty useless for now as they are all sitting in the midpoints of their respective ranges. Keep an eye on the RSI but beyond that, not much to report.
  • One thing that you should definitely be aware of this week is the rising channel of bitcoin volatility

Joe McCann is the Founder and Chairman of the Board of NodeSource and former quant trader for Passport Capital. This piece is purely for informational purposes; nothing in this post should be construed as investment advice.

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