XBTUSD
Ok I'm going against the grain here. I know everyone is waiting for a harsh sell off at the upcoming supply block at around 7800 but my gut tells me we're only going to get a healthy retracement before the next bull run.
The reason I think this is because we have been slowly creeping up since the recent drop to around 4k and the bears haven't really put up much of a defence. I realise we are in an ascending wedge pattern but that doesn't mean we're dropping back to 3k. We are close to the order block now and the RSI on the daily is not even close to overbought. On the daily if you look at any other harsh sell off, the RSI has always been overbought. It's been sitting above the 33 RSI since mid-March without ever being oversold so this tells me there's still bullish fighting power. There's also a CME gap between 8260-8800 that still needs to be filled so a bull run to the next supply block at around 9500 will fill that. This also lines up with the long term down trend since Dec 2017.
I see the short term top at the current supply zone around 7800 which lines up to 61.8, then only a healthy retracement to around 6200 before the next move up to close the gap and complete the down trend at around 9500.
From 9500, it's anyone guess but for me personally, I feel that this is where the bears are hanging out waiting. Only the cubs are at 7800.
We shall see!
Ok I'm going against the grain here. I know everyone is waiting for a harsh sell off at the upcoming supply block at around 7800 but my gut tells me we're only going to get a healthy retracement before the next bull run.
The reason I think this is because we have been slowly creeping up since the recent drop to around 4k and the bears haven't really put up much of a defence. I realise we are in an ascending wedge pattern but that doesn't mean we're dropping back to 3k. We are close to the order block now and the RSI on the daily is not even close to overbought. On the daily if you look at any other harsh sell off, the RSI has always been overbought. It's been sitting above the 33 RSI since mid-March without ever being oversold so this tells me there's still bullish fighting power. There's also a CME gap between 8260-8800 that still needs to be filled so a bull run to the next supply block at around 9500 will fill that. This also lines up with the long term down trend since Dec 2017.
I see the short term top at the current supply zone around 7800 which lines up to 61.8, then only a healthy retracement to around 6200 before the next move up to close the gap and complete the down trend at around 9500.
From 9500, it's anyone guess but for me personally, I feel that this is where the bears are hanging out waiting. Only the cubs are at 7800.
We shall see!