I would have a hard time convincing myself to go long at this level. (Or short for that matter as this is the inverse BTC chart).
Bearish Signs
- 6 Month Long Rising Wedge on Declining Volume.
- Bearish Divergence on Daily TimeFrame.
- Stochastic RSI about to cross on the Daily.
- Head and Shoulders Pattern forming on the Daily (Bearish Reversal Formation).
- Wicks near 6k suggest rejection.
I have been bearish on crypto for a while now however I am slowly turning bullish as most retail seem to be finally giving up and selling their bags. I have started picking up some ALTs with USDT pairings (So I can set stop losses in case BTC does want to have one last push to mid/low 5k area.)
Bearish Signs
- 6 Month Long Rising Wedge on Declining Volume.
- Bearish Divergence on Daily TimeFrame.
- Stochastic RSI about to cross on the Daily.
- Head and Shoulders Pattern forming on the Daily (Bearish Reversal Formation).
- Wicks near 6k suggest rejection.
I have been bearish on crypto for a while now however I am slowly turning bullish as most retail seem to be finally giving up and selling their bags. I have started picking up some ALTs with USDT pairings (So I can set stop losses in case BTC does want to have one last push to mid/low 5k area.)