thegio
Short

BTC bull run - the dance is almost over!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Dear Crypto addicted, fan, lovers, haters, whatever,

in the past days huge capital injection to raise BTC             from the annoying sideway 6.5-7k to 8k peak, volume also temporary increased from 4-5MM to 9MM per day.

Is that a reversal of the downtrend to an unexpected uptrend??

I don't think so, we currently are still below the channel top of the main downtrend coming from 20k. (log and linear)
RSI and MACD are strongly signing for a down correction, BTC             is overbought and RSI is diverging.
This scenario is very similar to the one we experienced couple of weeks ago.
We are expecting a second green leg to around 8.5-8.7k and then a very strong correction.

So very probable a downtrend in the next hours.

Stay tuned and like, share comment if you enjoyed the TA.

*this is just my opinion I'm not a professional advisor! Make your choices wisely and manage your risks!

Comment: booooooom! perfect match of the trend!
thanks for the analysis. hasnt the linear downtrend been broken? I am alsso expecting a rejection near log downtrend or even lower
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thegio deliciouspodo
@deliciouspodo, yes I think so too.
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