Is it local top for BTC?

Bitcoin look so tempting for a short at daily chart. The only thing that doesn't allow to do so is history that often let it follow parabolic growth and pump even harder. Besides week candle closed very bullish, so no reasons to think it will be able to break that momentum and dump straight away. Therefore, until it prove the opposite, we buy/long every sufficient dip.


Bearish point of view - DXY is bouncing up and stocks (DJ and SP500) are retracing. If they will continue that direction, crypto will have to pull back. But once again, it will be hard to break the momentum, so I doubt there are any chances for violent retracement.


4H TF: EMA21 - 12950 / EMA89 - 12162 🔼
Week: EMA8 - 11820 / EMA21 - 10855 🔼

🟥 13370 - 13850 - 14500
🟩 12500 - 12300 - 12000

😱 Fear & Greed index: 75 (<= 76 <= 73 <= 74)
👑 BTC Dominance: 61.1% (<= 61 <= 60.9 <= 60.8)

Well, the target was given pretty precise. BTC got to 13863. And was dumped by COVID panic in traditional market. Nevertheless volume on that dump dips look impressive, so I expect it to bounce up to 13500-13700 again. Will be shorting it there.

Drop towards the lower border of that channel at ~13250 ✅ Bounce to the middle line after it ✅

Now what? Current 4H candle close with doji above same 13250 support. Obviously not the most bullish formation, but at least its not dumping straight away. Still chart has bearish formation and it is recommended to open short in case price drop below 13195 (stop above 13640) with scalp target 13k and lower target at 12500.

4H TF: EMA21 - 13562 🔻 EMA89 - 13045 🔼
Week: EMA8 - 12298 🔻 EMA21 - 11145 🔻

🟥 13700 - 13900 - 14100
🟩 13360 - 13200 - 13050

😱 Fear & Greed index: 71 (<= 71 <= 72 <= 73)
👑 BTC Dominance: 64% (<= 63.2 <= 63.6 <= 63.4)