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This overbought point was determined using a private chart strategy. In this chart, the entry zone is identified. The general overbought price is $22,888. A lot of people are wondering what caused this rally, just from experience and what I've observed, I think this rally was an attempt to liquidate a lot of short positions. Naturally, a lot of people believed there is no way BTC is rallying to 23K given how the economy is looking and the ongoing layoffs. Institutional investors and potentially exchanges took advantage and used this to rally the price to liquidate people who might have placed high-leverage short trade too early. The potential Take profits for this short trend are outlined below.
Safe points to take profit: T1: 1.11% T2: 1.53% T3: 2.04% T4: 3.56%
Baseline Information: The strategy used for this analysis takes into account the following factors: Timeframe: 3min and 5 min Symbols: BTCUSDT , ETHUSDT , BTCDOWN, and ETHDOWN Exchange: Binance Indicators: For obvious reasons, precise indicators names can not be provided, but this analysis makes use of VWAP , moving averages, and Fib charts. Chart Count: 8
Disclaimer: The information and publications are not meant to be or constitute financial, investment, trading, or other advice or recommendations.