While the Market is in a short uptrend We see here a strong overbought market , if we look deeeper we can see that the Ichomoku 52 days Resistance line was the point where BTC could not pass , so combined the overbought market with a strong resistance i tend to go short
The most Alts are way overbought aswell
My target for shorting is
7200-7400
Another option is that it wil consolidate ina sidetrend on the 38,2% FIB ( 7600)
Comment
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As we see we have a strong support at the Kinjun- Sen (26day)
if it holds we will see a sideway movement , i dont think it is the end of the corr ection
Trade closed: target reached
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so my short target is reached i will go long , i will play my SL under the last Resistance (2%) for the case i am wrong
We see here a clear oversold market , big movement INC
The recovery has very low volume... seems it's just a bounce and should continue going down to test the 6.5k level. What do you think?
StarTraderPaulus
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@tradewizz, explain how did you came to 6500? my last Fib Fan resistance is at 7250 , and it holded ( we must assume that the 7040 low was a fake breakout )
I think if it dont hold we will be in a free fall till 6k , but have analyse this number more accurate