THIS IS JUST AN IDEA.. NO POSITION OPENED AT THE MOMENT.
But looks to me there might be a sell off coming for bitcoin only reason is that I am applying the same technical analysis as I do to other financial assets.. reasons being
1- weekly time frame is showing some dojo and possible shooting star
2- weekly time frame showing RSI is evertremyl overbought
3. daily time frame showing some signs of head forming with the left shoulder formation, a close below this weeks mini demand levels might touch down to do and drop. forming a right shoulder with prices tinkly to hit the 5600 mark over the next few months or weeks.
although over all this thing is in a bullish phase.. I think in the short term we have to see some correction and I believe we might... like I said this is just an idea.. no positions or trades taken on this. but 5600 is an area I will be looking to accumulate more.... check my previous post on the 30th of December where I stated a long term buy was in place. thats where I accumulated some btc.
But looks to me there might be a sell off coming for bitcoin only reason is that I am applying the same technical analysis as I do to other financial assets.. reasons being
1- weekly time frame is showing some dojo and possible shooting star
2- weekly time frame showing RSI is evertremyl overbought
3. daily time frame showing some signs of head forming with the left shoulder formation, a close below this weeks mini demand levels might touch down to do and drop. forming a right shoulder with prices tinkly to hit the 5600 mark over the next few months or weeks.
although over all this thing is in a bullish phase.. I think in the short term we have to see some correction and I believe we might... like I said this is just an idea.. no positions or trades taken on this. but 5600 is an area I will be looking to accumulate more.... check my previous post on the 30th of December where I stated a long term buy was in place. thats where I accumulated some btc.
Trade closed: stop reached:
.