It's not smart of me to post bearish charts on Bitcoin when FOMO is in play, but seeing a few bearish signals for BTC in the short term (although I am overall long term bullish).
Yesterday, Bitcoin experienced a correction from 11.2k down to 10k. It has now recovered to 10.7k as of now. I remain unconvinced that this will be the end of the correction. To add evidence that this could be a turning point for this final shoulder:
1. Bearish divergences have been spotted on the 1-3hr time-frames
2. RSI on 1-4 hr time-frames have fallen below their previous upward trend lines
3. We have only experienced an 11% correction from 11.2k-10k. If you view my linked related idea below, you can see how I lay out that -- over the past 6 months -- when the daily Stoch RSI reaches the peak level it is currently sitting at, this is followed by a larger correction than what we've seen so far. If we see a minimum of 13%-14% correction (the smallest correction on the charts), we're looking at mid 9k again as a target from here.
Keep in mind it is totally possible that this is not the ACTUAL correction and just a dip I'm looking for here. We could push up further, closer to 12k before the larger one.
You can also see my bullish outlook after a correction (as you can see on the chart, I believe a correction could lead to an inverted H&S for a bigger push higher).
Yesterday, Bitcoin experienced a correction from 11.2k down to 10k. It has now recovered to 10.7k as of now. I remain unconvinced that this will be the end of the correction. To add evidence that this could be a turning point for this final shoulder:
1. Bearish divergences have been spotted on the 1-3hr time-frames
2. RSI on 1-4 hr time-frames have fallen below their previous upward trend lines
3. We have only experienced an 11% correction from 11.2k-10k. If you view my linked related idea below, you can see how I lay out that -- over the past 6 months -- when the daily Stoch RSI reaches the peak level it is currently sitting at, this is followed by a larger correction than what we've seen so far. If we see a minimum of 13%-14% correction (the smallest correction on the charts), we're looking at mid 9k again as a target from here.
Keep in mind it is totally possible that this is not the ACTUAL correction and just a dip I'm looking for here. We could push up further, closer to 12k before the larger one.
You can also see my bullish outlook after a correction (as you can see on the chart, I believe a correction could lead to an inverted H&S for a bigger push higher).
