This is the bounce we needed. Now it looks as if we'll go to 5.5k.
Then float around the 5k level for a few weeks, until BTC will prepare for the last drop.
But of course only when the sentiment is super bullish again, and everybody including their grandmother goes long, hehe. Then BTC will drop.
Reasons: 1. Shorts strongly above longs 2. Daily Stoch RSI and RSI need to go up. 3. The weekly picture, see my previous chart
Good luck !
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The retrace was harder than I thought, but I still think this will slowly crawl upwards:
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Seems I overestimated BTC. The dumps don't seem to be over.
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So this trade is kinda active again. I got the timing wrong here, but essentially this is what will likely Happen the next Weeks. Although, since BTC dipped to 3200, 5500 is an upper bound. I would Put the target of this move in the range 4500-5500.
good day, why do your indicators 'need' to stay high? what are your best sources to check short/long ratios yet?
thanks!
SebastianofMoon
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@fineregex, Hi, I'm using bitfinex long/short ratio indicator here on tradinview. It works quite well as a contrarian indicator. BTC tends to destroy the majority of people, so basically, if you do the opposite of the majority, you'll do fine :) I'm using a combination of long/short ratio, stoch RSI and RSI, sometimes MACD to deduce conclusions. Hope this helped!
thanks!