That was an impressive shakeout. I'm sure the bears are so excited about that 4hr red candle.
Okay, okay, bitcoin looks pretty messed up, but I think it has one more leg up. It is, however, clear that the market is extremely fragile up here, thus I assume a massive correction to happen on the final leg up - probably from around 12.5k. At the next ATH, short to your heart's content.
It expect one more drop here, to around 8.5k, but it's not certain.
Okay, okay, bitcoin looks pretty messed up, but I think it has one more leg up. It is, however, clear that the market is extremely fragile up here, thus I assume a massive correction to happen on the final leg up - probably from around 12.5k. At the next ATH, short to your heart's content.
It expect one more drop here, to around 8.5k, but it's not certain.
Trade active:
Great bounce so far and penetration into the hourly cloud. We have an RSI bull div, completed A-B-C (the C leg also has 5 fractal waves,) we should now be heading back up.
Assuming we remain bullish, we should hopefully see a new high.
If not, I guess we will drop back down around or just above 10k.
After this, I expect a correction lasting the winter back to the 5k levels or lower. I'm looking for at least a 50% correction between 800-12k (or wherever it stops) before entering long again.
Great bounce so far and penetration into the hourly cloud. We have an RSI bull div, completed A-B-C (the C leg also has 5 fractal waves,) we should now be heading back up.
Assuming we remain bullish, we should hopefully see a new high.
If not, I guess we will drop back down around or just above 10k.
After this, I expect a correction lasting the winter back to the 5k levels or lower. I'm looking for at least a 50% correction between 800-12k (or wherever it stops) before entering long again.
Comment:
I've updated my price target: $??
I have no idea how high this is gonna go. It's a parabolic top. I'm not gonna short it, just hope to god I can sell the top.
I have no idea how high this is gonna go. It's a parabolic top. I'm not gonna short it, just hope to god I can sell the top.
4hr MACD about to cross up, another high or at least double top is looking likely.
Watch the 4hr from now, look out for any RSI or MACD bearish divergence to confirm the next top. Still, remember to take little bits of profit as we go up. After the next run, if there is any kind of bearish divergence on 4hr + higher timeframes, it's probably a good idea to take (a lot of) profit.