Bitcoin
Short

BTCUSD - Time for correction?

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Lots of charts out there so I figured I would throw my 2 cents in. My first published chart and I am an admitted amateur so trust with caution.

Primarily I focus on basic supports, resistance. Then trends/patterns. Then I'll add fibs and Ichi to confirm levels and RSI to help spot divergences.

On the current daily chart, I'm seeing a number of factors which would suggest we are in for a correction of this move up from $6500.

1. Hit resistance at the 9100ish level.
2. Resistance confirmed as the 50% fib.
3. Resistance triple confirmed by Ichi cloud. Interesting note, I will use 2 settings on Ichi and on the setting shown, this is the cloud resistance. On another setting (20, 60, 120, 30), it is the Kijun resistance.
4. Rising wedge. BTC is notoriously bullish with this pattern, so I usually don't put much stock in it anymore against BTC, but in this case as there are other factors confirming, I'll use it.
5. Lower timeframes (1hr & 2hr) are showing bearish divergence in the RSI

This has been a wild ride up and it would not surprise me at all to see BTC still push up to the next fib level around $9600

For chart newbies out there, highly recommend checking Crypto Cred out on Youtube for his tutorial videos. Free and very detailed. You will also understand my 2 Ichi settings from that as well.

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