BTC has had a good run, but looks to be slowing its roll up here near a big 786 fib (the strongest correction fib), the downtrend line on the log, and the 200-day EMA right above it.
BTC has reached for these three resistance levels on a somewhat overstretched run absent a true pullback so far to cool off RSI levels and form a much needed elliott wave down on higher timeframes to set up the next wave up. Both the 4h and 1D RSI are at very high levels where corrections have typically taken place historically.
Beware the FOMO, entering up here carries high risk. My estimate is the super bears could be amassing short positions soon enough.
BTC has reached for these three resistance levels on a somewhat overstretched run absent a true pullback so far to cool off RSI levels and form a much needed elliott wave down on higher timeframes to set up the next wave up. Both the 4h and 1D RSI are at very high levels where corrections have typically taken place historically.
Beware the FOMO, entering up here carries high risk. My estimate is the super bears could be amassing short positions soon enough.