Hi,
it seems that the bulls aren't exhausting! I did expect the overall downtrend line to be broken and EMA 1200 (daily 200) to be surpassed but did not expect it to be done without a proper correction.
Anyhow, we can see RSI very overbought and the lack of a proper correction so far will lead to many investors (especially those who aren't very sure that the market's mid/long-term trend has changed) taking some profits in. We face an inevitable correction.
My personal estimate is that EMA 1200 will be withheld. Given the overall FOMO sentiment, I do not think that the correction would lead to a result where the market looks indecisive. Rather, it is likely that the correction stops at worst the 8.6k level, confirm EMA 1200 as a support now, and then proceed to the longer bull-run (around 9k, then we are likely to face another correction).
Note that if you are trading altcoins, BTC 6.33% correction is not always the best time to leave the market. As long as the overall trend of BTC 6.33% is remaining unchanged, altcoins don't necessarily follow BTC 6.33% into correction (though, I see many alts also heavily overbought. Confirming from history, RSI above 75 and 80 are very rare even in extreme bull market conditions). So be careful to decide when to exit and re-enter the market.
If you have already took profit, make sure that you enter with the confirmation that the previous resistance line has been now changed into support (around 8.6k level).
Good luck trading and many thanks for reading!
it seems that the bulls aren't exhausting! I did expect the overall downtrend line to be broken and EMA 1200 (daily 200) to be surpassed but did not expect it to be done without a proper correction.
Anyhow, we can see RSI very overbought and the lack of a proper correction so far will lead to many investors (especially those who aren't very sure that the market's mid/long-term trend has changed) taking some profits in. We face an inevitable correction.
My personal estimate is that EMA 1200 will be withheld. Given the overall FOMO sentiment, I do not think that the correction would lead to a result where the market looks indecisive. Rather, it is likely that the correction stops at worst the 8.6k level, confirm EMA 1200 as a support now, and then proceed to the longer bull-run (around 9k, then we are likely to face another correction).
Note that if you are trading altcoins, BTC 6.33% correction is not always the best time to leave the market. As long as the overall trend of BTC 6.33% is remaining unchanged, altcoins don't necessarily follow BTC 6.33% into correction (though, I see many alts also heavily overbought. Confirming from history, RSI above 75 and 80 are very rare even in extreme bull market conditions). So be careful to decide when to exit and re-enter the market.
If you have already took profit, make sure that you enter with the confirmation that the previous resistance line has been now changed into support (around 8.6k level).
Good luck trading and many thanks for reading!
Trade active:
The correction is not really taking place due to extremely high FOMO. Though, it's best not to enter now but wait for a correction. BTC is way overbought now.
Trade active:
good time to buy!
