How about theres no volume in the market? Whales scooped up retail investors sells plus a short squeeze of 1billion was liquidated. We are in the processing of completing a cup and handle, we need to drop to around 19600 or so, a healthy pullback, or perhaps even lower around 18700. We will retest these before deciding a trend direction. This is not a bull flag its not proper formation. But hey go long before a dip, just what the market makers and whales want the moonboys to do before taking more of their money. A cup and handle within a bigger cup and handle as you suggest in your photo. It's also a possible Bart Simpson Pattern forming now.
Besides this we are overbought, bearish divergence, possibly a death cross will happen soon. BESIDES THIS, look at the overrall market conditions tying to the stock market. We are in a recession. The fed does not want people to get rich now and then go spend their money and increase the inflation problem. Simply retail buyers are still out whether that is because they don't have capital or still have fear, especially in the crypto market after the scandals and bankruptcies. Mini relief rallies are bull traps, we didnt push high enough to validate a strong breakout now. Sure we might have made the bottom already, but don't rule out a healthy pull back. Good luck fellow traders do your homework and your own research.
AlanSantana
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@rbyrne07, Retraces and corrections are normal. We have the same view as you. Both levels you mention are marked on the chart as support. We shared it 100 times.
You can see more below:
AlanSantana
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@rbyrne07, This one is from 15-January-2023... Maybe you are not one of our followers but we send plenty of updates. Let me know if that clears any doubts.
📈 Use The Retrace To Buy-in, Rebuy And Reload (Total-Crypto)
It works with the trend. You need some context for the RSI.
It can go to "overbought" and stay there for 6 months before dropping, as an example. But if you see "overbought" and new lows start to show up or some bearish candlestick, etc., context, then you can take the signal.
Bitcoin can drop surely just as it can go up, but the RSI cannot be looked at on its own.
AlanSantana
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@SDlektric, A good example can be seen by looking at the daily (D) RSI for Bitcoin (BTCUSD) around late October 2020. It went overbought while Bitcoin continue to rise until April 2021, almost six months.
When Bitcoin peaked in April 2021, the highest price in its history at that time, the RSI was far from overbought... You need to use it with the trend to maximize its benefit.
I hope that helps.
Namaste.
ProjectSyndicate
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premium technical setup for swing traders
UnknownUnicorn13626697
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What about gaps below 10K? Don't sell :D
AlanSantana
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@tassakadam, Where are them?
BlackBirdTrading
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If you plot Monthly Swing High&Low the price is exactly at golden pocket. The build up is bullish but I think its topped out we should have a sweep of 70 and come down
Besides this we are overbought, bearish divergence, possibly a death cross will happen soon. BESIDES THIS, look at the overrall market conditions tying to the stock market. We are in a recession. The fed does not want people to get rich now and then go spend their money and increase the inflation problem. Simply retail buyers are still out whether that is because they don't have capital or still have fear, especially in the crypto market after the scandals and bankruptcies. Mini relief rallies are bull traps, we didnt push high enough to validate a strong breakout now. Sure we might have made the bottom already, but don't rule out a healthy pull back. Good luck fellow traders do your homework and your own research.