are we overbought? yah sure, look at the and on the roof, it can just stay that way, would i sell/short here? i was looking at the 1hour 8500 finex and thought about it. at least until a higher low on hourly.
price is moving up, as we have seen, it based at 3k, up, higher low. the started running, its been doing that since then, with each pullback getting bought up. Vol on finex is lowering despite new highs. the pattern, or even rising channal depending, imo are both more than but if the money is coming in this has no problem to break upwards. price is constrained in this, its consolidating within the lines, no one nows the direction it will break.
looking to the left we see the 8k mark, back in dec i thought this was around the highest we would get to without a pull back. Anyway we went higher than my old dec chart (i think). Is this the time to buy? maybe, is it the time to sell? probably. The thing is as an investor or a trader is a different approach. Do you want to trade the daily here, risk the lows area and sell for a or the of the (or even dump everythign on it closing below it)? do you wanna invest here cause you think next year halfing will push the price? For me (havnt yet) but am leaning towards selling some and rebuying lower (now you know my sentiment) but I also know my sentiment and everyone elses, everyone who sold anything spot in the last 6 months is underwater and wants to rebuy, at this point probably at their entry or even for a loss. we also have momentum behind us and the recent dump i really expected a follow through lower faster but it didnt (yet - heh, maybe 85/8600 is the top of the next leg down) so I think it is very possible (50/50) for me to see a break upwards of the . Does this hurt most poeple? I think so, theres still plenty of shorts, and people who want to sell to realize gains, and many who have for 6months and gloated about the pull back coming. Im starting to get the old feeling of "its gone up so much, i think i shoudl sell cause it shoudl pull back" - something i havnt felt since 2017. Im a noob though :) its in my name.
I always appreciate others messages and feedback, and also their thoughts. feel free to reach out, always looking for more people in a private telegram to compare charts and help each other.
mfi says new high with less money inflow, i guess, i dont use it in general, popped it on by accident other day just for a different look.
daily closed above resistance, should we continue all good. if not, maybe swing failure. at this time both shorts and longs rising on finex, shorts a bit faster than longs, and longs keep closing every 100$ thinking its gonna pop (theyre on leverage so they keep opening and closing positions. Tho quite a few ppl say well get to/close to 10k, i think its possible, especially the way ppl are opening and then closing longs. shorts rising too but less than longs. Yah doesnt mean alot but just an observation of market participants in short term on one exchange.