The market is bullish and it has a great potential for upward movement in long term. But at the same time we have to be ready to see a short term correction. There are following reasons for this. The market reached the previous swing high. It's a possible reversal zone. This zone can give us a reversal signal with further downward movement. RSI is going to confirm price reversal from 4400.00 level. MACD lines confirm possible downward movement. Also a double top chart pattern gives a signal for a trend reversal. ADX line of DMI indicator falls and it tells us that bulls are not so strong now. Based on these signals we should expect for downward movement to one of Moving Averages or support levels. If so, we must wait for confirmed price reversals from SMA20, SMA50, SMA100 or support levels and based on these signals open long trades. As for confirmation of the uptrend continuation, the market will have to move higher than 4400.00 level and the previous swing high. Entry levels for long trades will be at SMA20 and the nearest support level .
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Hey guys, do you think that BTC uptrend is still strong? I have been waiting for a reversal and short term correction but it is not happening looks like.

is it going to hit $5K without any resistance?

I'm trying to enter the market again but I don't see the entry point.

Thanks much,
+1 Reply
Thanks, DLavrov!!
I believe that was a pennant and not a double top. More consolidation needed. Sideways for immediate future between resistance levels. Look for more "Rinse and Repeat" events. Benefit by setting Limit Buys at lower levels. HODL.
Ralebr jmmcinvale
@jmmcinvale, Do you believe in it yet?
@Ralebr, @DLavrov, I see a Pennant and now we are four days into forming a flag
Ralebr jmmcinvale
@jmmcinvale, OK, thank you Jmmcinvale!!
Ralebr jmmcinvale
@jmmcinvale, Could you tell me the target of this Pennant?
Good view!
Probably a Double Top, but I also see a Pennant
Say something about Ripple... OR its making us cripple :(
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