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CoFo Lab Market Watch: Historical Rejection

Аналитика и прогнозы
2024-03-06 15:43:31

Bitcoin reached its all time high on the second try, but sellers promptly reacted at the peak.


Analysis of CoFo Scout Readings


BTC tagged fresh record highs but sellers ambushed.


For this reason, CoFo Scout had been urging caution on further upside participation.


Shorts unloaded across assets but momentum insufficient to invalidate downdrafts. 


Medium-term and global timeframes still controlled by bears despite local longs temporarily pressuring higher duration scouts.


Local long signal dominance, but exercising pressure on mid-term tfs. Globals have the strongest short readings.


Rejection gave bears the time window to leverage panic in order to set the trend.


Monitor local and medium-term scouts for resumption signals. Longs overtaking medium-terms and intensifying near-term would reestablish bull dominance.

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