So Bitcoin is bullish right ?....
long term I agree but short term there is massive over-extension here.
A quick look at the 4 hour chart shows a short time frame ascending wedge (blue lines) contained within a much larger ascending wedge (orange lines) on higher time frames.
a bearish chart pattern within another bearish chart pattern sounds like danger to me.
on this chart the black line shows the very high time frame gradient of BTCUSD graph, and I believe the market needs to pull back to this.
the RSI on 4 hour time frame is showing a symmetrical triangle pattern, that looks like it will break soon, of course this could go either way, but due to the overbought nature of RSI, the 2 bearish patterns and the MACD crossing into a downslope surely this can only go one way.
I am going to short this. target is the black line but will probably take at least half profit on the way down, probably around $25k or so.
stop loss here is going to be $200 above the top line of both wedges.
long term I agree but short term there is massive over-extension here.
A quick look at the 4 hour chart shows a short time frame ascending wedge (blue lines) contained within a much larger ascending wedge (orange lines) on higher time frames.
a bearish chart pattern within another bearish chart pattern sounds like danger to me.
on this chart the black line shows the very high time frame gradient of BTCUSD graph, and I believe the market needs to pull back to this.
the RSI on 4 hour time frame is showing a symmetrical triangle pattern, that looks like it will break soon, of course this could go either way, but due to the overbought nature of RSI, the 2 bearish patterns and the MACD crossing into a downslope surely this can only go one way.
I am going to short this. target is the black line but will probably take at least half profit on the way down, probably around $25k or so.
stop loss here is going to be $200 above the top line of both wedges.