I am finally back after a couple of months break. I entered near the bottom and decided to take a break from crypto to focus on other aspects of my life.
We all enjoyed profits these past months but now it's time to take these profits out.
BTC, imho, will dump soon for few days.
We can see that the RSI is currently oversold but also presenting an exaggerated RSI bearish divergence.
Furthermore, CMF is showing a lower low, while price made a higher high. This means smart money is getting out, although temporarily.
Greed indicator is through the roof as well.
Invest safe, invest smart.
We all enjoyed profits these past months but now it's time to take these profits out.
BTC, imho, will dump soon for few days.
We can see that the RSI is currently oversold but also presenting an exaggerated RSI bearish divergence.
Furthermore, CMF is showing a lower low, while price made a higher high. This means smart money is getting out, although temporarily.
Greed indicator is through the roof as well.
Invest safe, invest smart.
Comment:
The only patterns I can make out of this is a bart move, followed by an inverse bart followed by another bart move (in progress) which indicates the last leg of the bart move would be down, then a small bear flag could follow.
These past few months were nice, but this rise was too fast, this seems like a correction. Correction are usually fast and don't take long and in the big scheme this could appear as a correction from 20k to 3k and now continue to slowly dump. However this is not TA based, just a gut feeling.
TA does suggest a big dump, the weekly RSI, MFI and stoch indicate a dump toward 5k.