JvdHout

Approaching short area

Short
BITFINEX:BTCUSD   Bitcoin
On the daily charts we see the RSI approaching 60 and a decline in volume. Also on the hourly charts we see the price approaching the upper Bollinger Band, decline in volume and an overbought situation on the RSI. The exchanges will likely push the price a bit more up to sell into the stop-losses of traders that shorted around 6400-6800. This will push the price into the 7100-7300 range and mark the end of the B leg of the ABC Elliot Correction Wave, after which we can expect a decline to the 4800-5000 range the coming days.
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