The bull flag identified in January (idea linked below) was pretty textbook and played out exactly as one would expect, hitting our target of roughly 52k pretty much exactly (green line), which is where we find ourselves now. However now we seem to be forming a sloping flag structure in this area, which indicates buyer exhaustion, this is idea is further strengthened by the stock RSI indicating we are currently overbought on the 4h chart. My guess is we are heading for a short term correction, my best guess would be that it will be in the 20%-25% range as BTC tends to do.
Please Note: this is just my analysis for the short-term however I personally would not dare short BTC in such a strong bull market.
Please Note: this is just my analysis for the short-term however I personally would not dare short BTC in such a strong bull market.
