I'm new to Tradingview, so I'm not sure how my charts look for you guys. On my last posts they seem to be messed up, so here are hopefully the 1D en 1H charts that I'm looking at.
The price is now in the upper region of the Bollinger Bands, both on the short and long term. Together with the RSI on the 60 line in the 1D chart and in overbought position on the 1H chart and decline in trading volume the past days, there are some strong hints that the price will go down. Also the GDAX depth chart shows bears and bulls fighting at the current level of 7250.
The exchanges are still busy setting bull traps and eating up short stop-losses, but soon the market will take over and sell into this up-trend. I'm aiming at shorting in the 7100-7300 range, there is a small chance that the unnatural price surges cause it to go up to 7500, so handle with care. Expect some more volatility before the plunge. After that there should be a continuation of the Elliot ABC Correction Wave towards the 4800-5000 region, which coincides with the natural long term exponential growth line.
The price is now in the upper region of the Bollinger Bands, both on the short and long term. Together with the RSI on the 60 line in the 1D chart and in overbought position on the 1H chart and decline in trading volume the past days, there are some strong hints that the price will go down. Also the GDAX depth chart shows bears and bulls fighting at the current level of 7250.
The exchanges are still busy setting bull traps and eating up short stop-losses, but soon the market will take over and sell into this up-trend. I'm aiming at shorting in the 7100-7300 range, there is a small chance that the unnatural price surges cause it to go up to 7500, so handle with care. Expect some more volatility before the plunge. After that there should be a continuation of the Elliot ABC Correction Wave towards the 4800-5000 region, which coincides with the natural long term exponential growth line.