Bitcoin definitely has the potential to break higher above 42K, but I believe now might not be the time. I'm suspecting a bounce off the current top and a retracement lower towards 35k. For those that watch Bitcoin on a regular basis, I wonder how frustrating it will feel if Bitcoin now drops down to 30k, while knowing there was a window of opportunity to book some profit at these levels.
For me to conclude my bearish thesis, I can ask myself one simple question: "would I buy at this price?"
---------- "Always prepare yourself for the unexpected turn." Paul Forbes - Managing Partner @ LEFTURN Inc.
Good analysis, I like it. I think we have a similar trading style, though I tend to do shorter timeframes more. Question though, why the Stochastics RSI and the Standard RSI? I personally just use the normal one.
paul_forbes
⋅
@Coindicator, I use both indictors with other assets I monitor. Which timeframe do you prefer to trade?
Coindicator
⋅
@paul_forbes, Usually intraday or a day or two. I don't think I have the patience to wait out out daily patterns. And I tend to like going in big which ends up to be too much risk because it requires a more flexible stop to work out in my opinion.