30% correction to 70k next for Bitcoin ?

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** short term forecast, days and weeks ahead **

On the above weekly chart price action leaps up 40% since all of 30 days ago. A number of reasons now exist for a bearish outlook. The include:

1) Price action and RSI support breakouts.

2) Regular bearish divergence. Multiple oscillators now print lower highs with higher highs in price action.

3) Price action is outside Bollinger Band on the weekly. Remember 95% of all price action trades around the mean, which is currently 70.2k

4) Hanging man candle print. A perfect example of buyer exhaustion.

What does this means for alt tokens? That depends. Overbought tokens (XRP, Dogecoin, XLM, etc… ) they will join the correction with Bitcoin. A select few will enjoy the liquidity that comes from them. Do you know which?

Is it possible price action continues to rise? Sure.
Is it probable? No.

15 小時前

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