We has series of reasons to believe market is ready for major correction before next upside move towards major resistance zone around 19k-21k.
Firstly, daily candle closes with strong doji in November 6th and followed with big red candle on 7th which succeeded in painting EVENING STAR bearish reversal patten on daily timeframe.
In addition to this, greediness index painted EXTREME GREED, this implies major greed in market, I believe time is here to turn bearish for correction.
Oscillation indicator currently are strongly overbought which need to relax to give room for more moves.
If market react to these factor then it will create new opportunities for buyer to reload their bags as weekly timeframe look very bullish with potential to re-test ATH as we have our immediate resistance towards 19k-21k
Based on all the bearish sign we talk about above, our immediate plan will be to short and have our eyes on 16k, a break and close of price above it INVALIDATE the short idea.
Kindly go through the chart and do leave us your comments to let us know how you feel about our view,
Moreover REMEMBER to appreciate our effort with your likes and always subscribe(Click follow) to our profile for fast and quick daily updates on all our trading ideas
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Firstly, daily candle closes with strong doji in November 6th and followed with big red candle on 7th which succeeded in painting EVENING STAR bearish reversal patten on daily timeframe.
In addition to this, greediness index painted EXTREME GREED, this implies major greed in market, I believe time is here to turn bearish for correction.
Oscillation indicator currently are strongly overbought which need to relax to give room for more moves.
If market react to these factor then it will create new opportunities for buyer to reload their bags as weekly timeframe look very bullish with potential to re-test ATH as we have our immediate resistance towards 19k-21k
Based on all the bearish sign we talk about above, our immediate plan will be to short and have our eyes on 16k, a break and close of price above it INVALIDATE the short idea.
Kindly go through the chart and do leave us your comments to let us know how you feel about our view,
Moreover REMEMBER to appreciate our effort with your likes and always subscribe(Click follow) to our profile for fast and quick daily updates on all our trading ideas
Thank you.
Trade active:
The bearish setup is completed in 15minutes with rising wedge. We should hold firm to our stop loss
Trade closed: stop reached:
Price closed above our exit zone. Short plan invalidated
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