BTCUSD
Hello!
I think that's it's not a reversal. Because we haven't seen capitulation sell volume yet like in 2015. The mass sentiment is greed for this pump. In the case of classic reversal, mass sentiment should have disbelief about this.
Why short:
1. I see bearish pennant pattern with fake out.
2. RSI is super oversold like at the end of July, forming the same H&S pattern.
3. Shorts are sitting on historical support like before previous dumps.
Remember that we're still in the bear market, trend reversal wasn't confirmed but mass has already become bullish. Don't be a sheep.
P.S. I'm not your financial adviser, it's not financial advice. This idea is my thoughts which I would like to share with you. Do your own research and make decisions by yourself.
Comment:
!!!
I made type in point 2:
2. RSI is super OVERBOUGHT like at the end of July, forming the same H&S pattern
I made type in point 2:
2. RSI is super OVERBOUGHT like at the end of July, forming the same H&S pattern
Comment:
Short rectangle width is random (made chart in haste), so the idea also will play outside its borders.
Trade closed: stop reached:
I don't think that's a trend reversal. A similar move was on Nov12 '14 before capitulation. The sentiment was bearish and scared at that time. Today masses are extremely greed. I think, that Bitcoin hasn't finished his cycle. If it finished we should see disbelief rally, not greed rally as today.
alternative.me/crypt...ear-and-greed-index/