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Coindicator
Feb 9, 2021 6:13 PM

Binance Blow off Top Reversal Pattern - Short... Very Short Short

Binance Coin / TetherUSBinance

Description

Congratulations to the bulls. What a spectacular run, you don't see a rally like this everyday with the daily RSI right over 90 and the weekly RSI over 91! With that said, the daily candle today will close at the highest level it's ever been and coupled with the parabolic ascending pattern, this is a classic blow off top reversal pattern. Not a good entry point right now, but a heck of a good exit point in my opinion.

Furthermore, percentage gains like these for consecutive days like these followed by further upside are extremely rare. This is a sign of complete euphoria where the price and and moving averages are so far apart that a whipsaw like action to the downside in coming days would not surprise me. We may even close the day with a shooting star. I can't think of a better set-up to sell or short to be honest.

Trade closed: stop reached

Comments
Bull_Project
Excellent chart,thanks a lot
crazyernie
Coindicator
@edicoum, I tapped out. Binance you win.
crazyernie
@Coindicator, thanks for you donations sir
Coindicator
@edicoum, I didn't short it. But I did offload my position from the thirties sadly.
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