Reasons to sell
Overextension of the RSI on the 4hr
Bearish DIV on 1hr and 2hr
Last time we saw a move like this was 04 Nov 2020 with a 20% correction happening
Strong resistance at $6
Head and shoulders still intact (but subject to change as we are in a bull run and this is a bearish pattern) low success rate in bull runs
Could see price revisit $4.80
After the news, BTC hit new highs.
Here we can see how the BTC is consolidating in 1H chart, after a pike without volume, we hope to see a lower right shoulder; which could be very posible as the market is getting overextended.(As we can see with the 20-50-200 SMA's).
That would be the most probable thing that could happen. But if the right shoulder happens to be...
The EUR/GBP has been on a strong bullish run during the last week. Yesterday was the first bearish daily close for 8 days and price looks a bit overextended to me. Lower time frames are indicating a shift in order flow as well if you look at the strong sell off, followed by a corrective structure. If this structure holds I expect price to drop to at least 0.86000.
Short term - Short bias
Long term - Overextension and possible transition/reversal
Price looks a bit overextended on the weekly chart with a strong 2 bar reversal on the daily chart.
Momentum on the other hand is still in favor of the bears so another sell at the measured move objective around 1.89000 is clearly justified as long as we stay underneath 1.90000...