fosis

The incoming trend reversal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bulls and bears have created the doji candle on the monthly chart.

The doji candle after long uptrend might foreshadow trend reversal.

Moreover this doji candle is after a long white candle. This means there is imbalance on the market. The market is "tired".
The bulls might not have enough strenght to keep uptrend.
The maximum of the upper shadow is the resistance level ($1166). If its broken the uptrend will be continued. It will also show potency of the bulls.
The RSI levels are almost at 80, so the market is nearly overbought. The more overbought the market is, the higher probability of the doji candle to reverse uptrend.

To make matter worse for the bulls, there is double top formation.

In my opinion the price will go back to lower shadow of the doji candle ($735), however if there are more bad news for BITFINEX:BTCUSD we can fall down to $450 level.
Comment: The candle on the monthly chart closed above resistance level of the doji cande.
I expect now a long white candle (in march/april on them onthly chart), before the price of BTC will get correction.
My target is $1500.
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