With MACD and RSI in over bought zone a dump is immanent..
If the pattern from previous cycle repeats and conservatively say that dump is going to replicate the previous one.. we can see a 5k range as a target..
Both trends are in the same resistance zone.. and i am looking for a good correction in price first before positioning myself..
over extended green candles with no support of volume is dangerous to trade..
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20 and 50 MA about to cross in the hour chart..
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1 hour candle need to close below 50 MA.. let the bears drive the price down..
What do you guys think ??.. i am looking at down roll over if this week the testing of 9k fails..
bestfarbit74
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after halving maybe. but not yet btc may have little correction at 9500 but hanging around this area (8500~10500) for awhile. although I already set my stops :) and yes I agree to FOMO but could be more
Hijjawi
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@bestfarbit74, yeah am watching on short time frames to see when to enter for a short time long position if they break the resistance line.. ride the trend and exit when happy with the gains and then wait for the drop.. it could go either way if the candle closes today within the resistance zone..
@bestfarbit74, yeah.. i want the candle to close below 9k though..
bestfarbit74
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@Hijjawi, If it declines more that I'm not sure right now can shrink to 8150 and 7850. now it's time to sideways for a while
Hijjawi
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@bestfarbit74, Yeah.. 4 hour frame looks like things are about to be shorted.. MACD nicely looking about to cross down and RSI entered the mid zone heading downward.. if a sharp drop happens all the long leveraged SL will be triggered and we might see a cascade effect.
bestfarbit74
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@Hijjawi, maybe but I don't see it ,already declined sharply
Hijjawi
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@bestfarbit74, Yeah i know.. its bit of wishful thinking for the sharp drop XD.. we might see a systematic sell off if trend dont reverse..
gymtonic31
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A lot of the price analysis that I've read says that 10k is today's Target before possible bearish