BTC might not make it above all time high as quick as we think. A short thread below:
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On the daily timeframe, we have seen that the had already been overbought since it was around 10k /11k and still remains overbought till now on the RSI ranging between 70 and 80 and the bullish momentum is bound to reduce.
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On the 4 hour timeframe, asides the market structured areas we have seen, we can also see that there is a bearish divergence on the 4 hour timeframe and also a double top formation has been identified on the chart.
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I don't really know much about the fundamentals for now. That's just my opinion.
I think there is a lot of sell order in 19.3 - 19.5 k area stopping the price further going down, as the price has already made a double top formation. I think the price might test that area again, with a strong momentum, and if it made triple top, better stay out of the market for the while and trade with the break out of area 19.3 -19.5 area in smaller time frame, rather if it gets rejected, the market is going to test the support again, and hence I think a strong support of 16K area or 13K area will be tested this time as the price has to be corrected once again.
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@BIKESHmsk Thanks. We're gradually watching it play out
zhulik187
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The 4h hidden bullish div is stronger last 2 months
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@zhulik187 I posted that divergence on my recent BTC post asides this one. Check it out on my profile. Thanks though
StarFoxAmara
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I think we are going down to 14k
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@StarFoxAmara I hope so in order to give people an opportunity to join the trend again. I appreciate your feedback though