Hello Traders,
My new thesis on BTC,
Points to consider,
- Potential double top on the 240 timeframe
- Volume climax saw bears take control over bulls
- Perfect rejection from the .50 Fibonacci ($11483.4) which is on CONFLUENCE with the 1.618 fib extension from swing high to swing low
- A large bearish divergence on the daily timeframe, RSI making lower highs
- Stoch's topping out, showing there is fuel from downwards momentum
- Volume on the daily is just above average
- A push from the bulls to the 0.168 Fibonacci is probable but not likely as the parabolic move upwards has been way over extended for a while now
- A retracement to the green zone is probable as this is the .50 Fibonacci retracement from local top, this will be a healthy correction for BTC allowing it to put in a lower high on the daily chart
I think this is the local top, we are currently topping out and a proper correction is on it way,
What are your thoughts?, please leave a like and comment
and remember,
“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” Michael Marcus
Have a great day!
My new thesis on BTC,
Points to consider,
- Potential double top on the 240 timeframe
- Volume climax saw bears take control over bulls
- Perfect rejection from the .50 Fibonacci ($11483.4) which is on CONFLUENCE with the 1.618 fib extension from swing high to swing low
- A large bearish divergence on the daily timeframe, RSI making lower highs
- Stoch's topping out, showing there is fuel from downwards momentum
- Volume on the daily is just above average
- A push from the bulls to the 0.168 Fibonacci is probable but not likely as the parabolic move upwards has been way over extended for a while now
- A retracement to the green zone is probable as this is the .50 Fibonacci retracement from local top, this will be a healthy correction for BTC allowing it to put in a lower high on the daily chart
I think this is the local top, we are currently topping out and a proper correction is on it way,
What are your thoughts?, please leave a like and comment
and remember,
“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” Michael Marcus
Have a great day!