Really don't know if the market is bullish or bearish, but for a healthy and sustained growth there is at least a correction necessary.
We are about to reach 0.618 fibo level (measured between 11.5k and 6.4k) which could be a good start for the correction.
We can see bearish divergences with higher prices and lower MACD and RSI. 1hr and 4hr RSI overbought, Stoch RSI also overbought on daily timeframe.
Volume peaks of the big upside moves getting smaller. Longs are high, shorts are low.
With this setup at the top of an rising wedge, which way BTC will probably go?
A valid breakout to the upside of the wedge would of course invalidate this idea, as you know everything is possible in crypto ;)
No financial advice, trade safely.
We are about to reach 0.618 fibo level (measured between 11.5k and 6.4k) which could be a good start for the correction.
We can see bearish divergences with higher prices and lower MACD and RSI. 1hr and 4hr RSI overbought, Stoch RSI also overbought on daily timeframe.
Volume peaks of the big upside moves getting smaller. Longs are high, shorts are low.
With this setup at the top of an rising wedge, which way BTC will probably go?
A valid breakout to the upside of the wedge would of course invalidate this idea, as you know everything is possible in crypto ;)
No financial advice, trade safely.