On the 4 Hour chart we can see an steady increase of price since 1st of October, however, the Open Interest Indicator is declining, followed by also a reduction on the Trading Volume:
When this sort of "divergence" happens, price action is rising and the open interest is on the decline, that should mean that short sellers are covering their positions and so, this is mainly causing the rally. Actually, what happens is that money might be, therefore, leaving the marketplace.
I am not Bearish on BITCOIN mid-term but I think BTC is still immersed in a kind of complex correction right now which looks like a Double Zig-Zag (5-3-5-3-5-3-5):
Last leg ("c") has a first target on 10250 USD as a minimum while as a Maximum it projects a fall towards 9400 USD
Will see.
I'm sharing only my quick trading Ideas here, not financial advice at all ;-)
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
