Has BTC topped? Divergence shows bear turn likely.
Momentum is vaning for this latest BTC rally.
There is strong bearish divergence in multiple indicators and a top has likely been achieved.
Between today / monday we will see price rise a little with the residual momentum that is left, then a short term correction will be likely.
A short can come into play with two entries:
1. Conservative entry
Wait until the 7051 fibonacci line is broken
2. Aggressive entry - (only when confirmed by bearish momentum)
Option 1 enter at the 0.382 fibonacci time line
Option 2 enter at the Cross of the Fibonacci spiral (around 7620 price mark, if reached)
TP 1 - 6733
TP 2 - 6437 (unlikely)
A long play comes into consideration after we reach support price in vision of the Segwit2x fork in the middle of november.
Trade safe.
There is strong bearish divergence in multiple indicators and a top has likely been achieved.
Between today / monday we will see price rise a little with the residual momentum that is left, then a short term correction will be likely.
A short can come into play with two entries:
1. Conservative entry
Wait until the 7051 fibonacci line is broken
2. Aggressive entry - (only when confirmed by bearish momentum)
Option 1 enter at the 0.382 fibonacci time line
Option 2 enter at the Cross of the Fibonacci spiral (around 7620 price mark, if reached)
TP 1 - 6733
TP 2 - 6437 (unlikely)
A long play comes into consideration after we reach support price in vision of the Segwit2x fork in the middle of november.
Trade safe.
Comment:
Watch out for bull traps on the way..
Comment:
As expected bounce at the 7051 fibonacci level. After the Segwit2X cancellation let's see how this develops. Signs of topping still there unless we pick another trendline up. I will publish more analysis once more data on the charts is available.
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If the bulls don't pick up this lower price levels we will see lowers as per the chart.