I don't see how people can call for ATH of 22k+ from here without a minor correction/consolidation at lower levels.
We just rallied for 3 months straight for 100% gains. Bitcoin needs to cool off again to gather steam.
Here's the scenarios I see.
1. A correction to lower 17k and sideways consolidation for a bit before we make any substantial moves to ATH. ( Most likely)
2. A sharp drop of 25-30% to 14-15k followed by a long period of accumulation/consolidation then a MONSTER run to 20k+ (Probable)
3. We throw all logic and reason out the window and rip past 20k (Don't see this happening)
Short entries if you're brave
Entry: 19,3xx-19,9xx
TP1: 17,5xx
TP2(Less Likely): 15,xxx
SL: 20,1xx
Followed by Long entries at where you'd close shorts.
Reasons:
1. We have spent almost 2 FULL months in the overbought range on RSI (3d) without a substantial move below the limit of overbought. As far as I know this has never happened before.
2. TD count is super overextended, we're a solid 15 bars beyond a full 9 count
3. We're close to a ATH/heavy resistance and the R/R is there.
4. MACD losing steam and is about to cross downward indicating a pickup in bearish momentum
Not to be taken as financial advice or to be traded on. Be safe out there
We just rallied for 3 months straight for 100% gains. Bitcoin needs to cool off again to gather steam.
Here's the scenarios I see.
1. A correction to lower 17k and sideways consolidation for a bit before we make any substantial moves to ATH. ( Most likely)
2. A sharp drop of 25-30% to 14-15k followed by a long period of accumulation/consolidation then a MONSTER run to 20k+ (Probable)
3. We throw all logic and reason out the window and rip past 20k (Don't see this happening)
Short entries if you're brave
Entry: 19,3xx-19,9xx
TP1: 17,5xx
TP2(Less Likely): 15,xxx
SL: 20,1xx
Followed by Long entries at where you'd close shorts.
Reasons:
1. We have spent almost 2 FULL months in the overbought range on RSI (3d) without a substantial move below the limit of overbought. As far as I know this has never happened before.
2. TD count is super overextended, we're a solid 15 bars beyond a full 9 count
3. We're close to a ATH/heavy resistance and the R/R is there.
4. MACD losing steam and is about to cross downward indicating a pickup in bearish momentum
Not to be taken as financial advice or to be traded on. Be safe out there
Comment:
Do not confuse this idea with me being bearish long term. Bitcoin is in full bull mode, but for the next couple weeks I see potential downside.