1) D1 time frame. I think the last bull wave in Elliot wave is forming that retouch ATH, which is a major resistance where sellers will TP. Refer to the bellow figure for the D1 chart. 7 consecutive green bars pattern show a risky market for buyers. A pull back is critically necessary for a solid long-term uptrend of BTC.
D1 Chart
2) H4 and H1 time frames
Bearish divergences shows that buying force are weakening, the price is moving in a raising channel. Histogram also indicates the same situation.
What should we do now?
Waiting is a wise strategy now, I am waiting for a bull-trap by breaking ATH then pullback below 58k, then we can setup for a SHORT with high Reward:Risk.
Good luck!
Comment
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- BTC broke down the uptrend channel - A Hammer candle at ATH (major resistance) shows that the uptrend might be stopped and a pullback might come. - Put a close eye on bull-trap. SHORT is recommended with a reasonable SL.
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no setup for a short, that's worth of waiting, Bulls are strong, wait for retest and a setup for Long around ATH price.
@Johnsnow_CK, Yes obviously.. will get back to you shortly with that 2nd target and that's not so far.. DUDE B-)
I would take my like back and give it later..