Loving this run up, but going to go through ( quickly ) why i think its retracement time.
1. Recent bearish SFP which kicked off the last TWO price dumps occurred a few days ago
2. Bearish RSI Divergence
3. OI Skyrocketing ( Bitmex ) while price remains inside a flat range...
This post contains both a bullish and bearish scenario.
My current opinion on the situation is that there are far too many longs, which leads me to believe that we are due for a move up followed by an increase in short interest and subsequently a rather violent dump. This is shown on the chart.
This is where the bull/bear battle will unfold - and where you'll...
Hidden Bear divergences have led to nasty declines in the past.
Will it happen again?
Were awfully close to major major support levels and ancient long entries here. With a very disproportionate L/S ratio.
Not trading based on this but will be very interesting to watch what happens.
2 Entries - agressive/conservative
That last wick cleaned house on Bitmex, i believe it was the kiss of death.
200ema confluence coming in around targets shown, pretty easily defined risk.
And of course the H&S meme if you're into that stuff.