Minor correction inbound (Short term bearish)
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I don't see how people can call for ATH of 22k+ from here without a minor correction/consolidation at lower levels.
We just rallied for 3 months straight for 100% gains. Bitcoin needs to cool off again to gather steam.
Here's the scenarios I see.
1. A correction to lower 17k and sideways consolidation for a bit before we make any substantial moves to ATH. ( Most likely)
2. A sharp drop of 25-30% to 14-15k followed by a long period of accumulation/consolidation then a MONSTER run to 20k+ (Probable)
3. We throw all logic and reason out the window and rip past 20k (Don't see this happening)
Short entries if you're brave
Entry: 19,3xx-19,9xx
TP1: 17,5xx
TP2(Less Likely): 15,xxx
SL: 20,1xx
Followed by Long entries at where you'd close shorts.
Reasons:
1. We have spent almost 2 FULL months in the overbought range on RSI (3d) without a substantial move below the limit of overbought. As far as I know this has never happened before.
2. TD count is super overextended, we're a solid 15 bars beyond a full 9 count
3. We're close to a ATH/heavy resistance and the R/R is there.
4. MACD losing steam and is about to cross downward indicating a pickup in bearish momentum
Not to be taken as financial advice or to be traded on. Be safe out there
We just rallied for 3 months straight for 100% gains. Bitcoin needs to cool off again to gather steam.
Here's the scenarios I see.
1. A correction to lower 17k and sideways consolidation for a bit before we make any substantial moves to ATH. ( Most likely)
2. A sharp drop of 25-30% to 14-15k followed by a long period of accumulation/consolidation then a MONSTER run to 20k+ (Probable)
3. We throw all logic and reason out the window and rip past 20k (Don't see this happening)
Short entries if you're brave
Entry: 19,3xx-19,9xx
TP1: 17,5xx
TP2(Less Likely): 15,xxx
SL: 20,1xx
Followed by Long entries at where you'd close shorts.
Reasons:
1. We have spent almost 2 FULL months in the overbought range on RSI (3d) without a substantial move below the limit of overbought. As far as I know this has never happened before.
2. TD count is super overextended, we're a solid 15 bars beyond a full 9 count
3. We're close to a ATH/heavy resistance and the R/R is there.
4. MACD losing steam and is about to cross downward indicating a pickup in bearish momentum
Not to be taken as financial advice or to be traded on. Be safe out there
Note
Do not confuse this idea with me being bearish long term. Bitcoin is in full bull mode, but for the next couple weeks I see potential downside.
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