BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello fellow traders! Here is my analysis on the current market state.
On the weekly chart (obviously not shown here) the RSI is way over sold at 84/85. Time for a correction?
The Bitcoin fear and greed index is at 90, extreme greed. Yesterday was almost topped out at 94. Time for a correction?
Finally we have a bearish divergence appearing as shown in the charts as well. Fibonacci ratios are laid out on where price action will potentially drop to.
In my opinion, the risk/reward ratio seems to favor the bears rather than the bulls. Having a stop loss just above the previous high and a take profit using fibs seems like the better option.
Let me know what you all think! Happy trades everyone! Throw that FOMO of emotion OUT!


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