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Bitcoin seems to be in a very interesting spot. With all the bullishness going around (I am bullish long term as well) I thought I would bring another side to bring some objectivity to the table.
On the daily time frame bitcoin looks like its momentum is waning. As price continues to rise up past 14000 the volume and RSI is declining while forming a particular bearish chart formation (A ascending broadening wedge)
If you zoom out on the weekly you will also notice some quite strong divergences being formed.
NOW I am not saying bitcoin it going to 0 tomorrow. NO What I am saying is that watch out for a potential short squeeze maybe even as high as $16 000 but I do believe that at some point Bitcoin is going to bump its head and make its way south
Bitcoin seems to be in a very interesting spot. With all the bullishness going around (I am bullish long term as well) I thought I would bring another side to bring some objectivity to the table.
On the daily time frame bitcoin looks like its momentum is waning. As price continues to rise up past 14000 the volume and RSI is declining while forming a particular bearish chart formation (A ascending broadening wedge)
If you zoom out on the weekly you will also notice some quite strong divergences being formed.
NOW I am not saying bitcoin it going to 0 tomorrow. NO What I am saying is that watch out for a potential short squeeze maybe even as high as $16 000 but I do believe that at some point Bitcoin is going to bump its head and make its way south
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