Hello ,
There are more reasons why a correction might occur :
Here are some of them :
- Stochastic and RSI Close to top on daily and all other lesser time frames. Only ones which disapprove this rule are weekly and monthly, but these apply for longer term strategies
- Low volume, still. Volume has increased indeed 40% from yesterday, but still not strong enough to go above the 25k
- EMA Ribbon tests at 24k. I expect a retracement from there, due to the arguments above.
- 6 figure number of BTCs were taken off exchanges in the last 30 days alone. Another reason of this occurring might be the Celsius scandal.
- We might reach 25k, or even 30k in the short term, due to a small W pattern
- Bitcoin dominance has shorted 10% in the last two weeks. Yet again, USDT Dominance has fallen more than double, 20%.
- Therefore, I see a probability for a new low, or at least retest the 17.5k is around 70-80%.
Thanks and best of luck ! Always remember - buy high, sell low.
I MEANT buy low, sell high.
There are more reasons why a correction might occur :
Here are some of them :
- Stochastic and RSI Close to top on daily and all other lesser time frames. Only ones which disapprove this rule are weekly and monthly, but these apply for longer term strategies
- Low volume, still. Volume has increased indeed 40% from yesterday, but still not strong enough to go above the 25k
- EMA Ribbon tests at 24k. I expect a retracement from there, due to the arguments above.
- 6 figure number of BTCs were taken off exchanges in the last 30 days alone. Another reason of this occurring might be the Celsius scandal.
- We might reach 25k, or even 30k in the short term, due to a small W pattern
- Bitcoin dominance has shorted 10% in the last two weeks. Yet again, USDT Dominance has fallen more than double, 20%.
- Therefore, I see a probability for a new low, or at least retest the 17.5k is around 70-80%.
Thanks and best of luck ! Always remember - buy high, sell low.
I MEANT buy low, sell high.