Bitcoin to $51k

On the above daily chart price action has enjoyed a powerful upside move. A number of reasons now exist to be short:

1) Failed Relative Strength Index (RSI) support.

2) Failed Money Flow Index (MFI) support. Smart money is exiting.

3) Price action has exited the Bollinger Band. (Green circles).
95% of price action trades around the mean (black line) inside the band. That is a 13% correction away.

Is it possible price action continues higher? Sure.
Is it probable? No.

Ww

Type: Short trade
Risk: You decide
Entry: 64k if you can get it.
Return: You decide

Trade closed: stop reached

Comment:

Although the stop is reached it is worth having a look at this chart, Fibonacci moving averages.

6-day

Trade active:

Looks like we're back in business.

Comment:

Comment:

Two charts above you see the fib levels and indeed price action just could not break the next level, not yet.

Meanwhile this 2-week chart below should be on everyones watch list.

Is Bitcoin going to correct to $3-5k ???

This macro chart is suggesting such an event if resistance confirms. Afraid?

2 week

Comment:

Watch how this candle prints by tomorrow on the 3-day chart. The previous candle was a "Hanging man". A following red close (tomorrow) shall confirm. It is then a 20% correction to support, the target area of this idea.

Trade active

Comment:

There's been some messages about this idea. Please don't accept it as a given. It may be like having price action at 20k waiting for that 10k that never happened.

Instead, use an average long entry approach. Say you've got thousand dollars to spend.
$500 now.
$500 again when the target strikes, if at all.
That is how all my trades are entered long and the same in reversal on exit.

Trade closed manually:

Would be a false impression to keep this idea open knowing there is a high probability signal.

On the 8hr chart there is a pennant with breakout. An uptick in price action should be expected.

8hr