Thanks to bot activity, everything is a boring mirror image of everything that precedes it. The prices action just keeps repeating itself in an identical manner because the bots can't get enough of the barts! So, the price will most likely continue trading sideways till it hits the downtrend resistance line and will then start falling down to a new low at $5,400.
Don't think for a second that shorting Bitcoin at these levels is a good idea. Unless you are a whale, there is a high probability that you may get rekt. The purpose of this analysis is to indicate the direction of price action and point out the most likely scenario. Of course, it is possible for Bitcoin to shoot up to $7,000 from here despite an overbought condition indicated by RSI. Is it possible? Of course. Is it likely? No. I would like to mention that I'm still super bullish on Bitcoin at this point. Only a fall and close below $6,000 on the monthly chart would make me lose my bullish bias.
If you like my analysis, please give it a thumbs up. Follow for timely ideas and updates.
Trade active
⋅
Going Short.
Comment
⋅
If you're SHORTING don't use high leverage. If you're not doing anything, don't chase the price upwards. It's insanely overbought. You'll be trading against the trend. Can't stress that enough.
Comment
⋅
This is going to serve as a wake up call to a lot of people. Watch movement on RSI and Stochastic. All Gains Soon to Be Erased. It Just Bought More Time.
exactly my thoughts! there has to be one more drop...
GJMRealEstate
⋅
wall street really, really, really wants everyone to believe there is more lows to come. it is the only way they can continue to accumulate at these levels. seems like a good place to go long to me.
Jefe
⋅
@gjmullen, Definitely a good place to go long. My analysis just points out that a new low is possible and likely, so watch out. Doesn't mean one should sit and wait for the perfect bottom.
Eddie_Regal
⋅
Last drop to sub 5k incoming.. then we can go to 100k.
Jefe
⋅
@Eddie_Regal, 5k. Well, possible and likely but I expect it would be too quick for most of us to catch.
UnknownUnicorn1000353
⋅
wrong every time
Ronnie_Dong
⋅
MFClub
⋅
wrong way
Jefe
⋅
@MFClub, Just gotta understand what happened. You clearly miss the point. This has nothing to do with buying interest. Some SHORTS got liquidated on exchanges, pumped the price, kicked in FOMO. Will sucker in some more bulls. Not my first rodeo.