So btc and much of the crypto market has been ready for a correction for quite some time with lots of bearish signals on the charts. For the past weeks we have been seeing bearish divergence on smaller time frames in both wave trend oscillators and money flow while price keeps rising.
With these signals a correction is likely but why now? Yesterday on 11/24 on the daily time frame with candles and wicks we seen price brake through 38k to 38500 BUT quickly wicked back down and closed below. Following this wick back below we now see price rejecting off of our previous resistance level of 38k AFTER it broke through and wicked back down.
For further confluence if we pull a volume profile from the entire time price has traded above our 15k low it is giving a new value area high of 38k.
As such I have taken a short swing trade anticipating the correction has begun. Currently targeting 30500-31500.
When the retrace IF we get it is finished personally I am still bullish for higher targets. Currently we are in a accumulation phase and targeting a rally high of 48-50k for reasons stated in previous ideas and videos. As such a long trade will certainly be in order IF we get a significant retrace as projected.
Trade Well.........
With these signals a correction is likely but why now? Yesterday on 11/24 on the daily time frame with candles and wicks we seen price brake through 38k to 38500 BUT quickly wicked back down and closed below. Following this wick back below we now see price rejecting off of our previous resistance level of 38k AFTER it broke through and wicked back down.
For further confluence if we pull a volume profile from the entire time price has traded above our 15k low it is giving a new value area high of 38k.
As such I have taken a short swing trade anticipating the correction has begun. Currently targeting 30500-31500.
When the retrace IF we get it is finished personally I am still bullish for higher targets. Currently we are in a accumulation phase and targeting a rally high of 48-50k for reasons stated in previous ideas and videos. As such a long trade will certainly be in order IF we get a significant retrace as projected.
Trade Well.........