Indicators are showing us that we are already overbought and are very close to the point of exhaustion of the mid-term bullish sentiment. What would likely ensue is a mid-term correction for the entire run from 9800 up to 24200 that has lasted for about 3 months now. When the mid-term timeframes are telling us a potential end to the mid-term bullish sentiment, we should look at the low timeframes to see what information can be had at those timeframes. The mid and low timeframes all corroborate the same theme, i.e. we are very close to the point of an apocalyptic dump for a continuous price run that has lasted a long time.
For mid-term swing traders, it is advisable to start taking profit at this range while you still can and have capital on the sideline ready to buy if and/or when the price comes down. It would be hard to say where exactly the price could come down to but at this point, chasing the top is definitely not a wise choice given the warning signs that ooze out of many indicators and tools. If one has not yet entered the market, I would suggest waiting for a dump that seems destined to happen soon enough and buy the dip, than make an ill-advised entry at this range.
I mark this analysis as a "Short" in the sense that I see a potential dump incoming very soon and that I recommend readers to take profit where they can at this current range. I am by no means encouraging any traders to short on the flimsiest sign of a dump, with high leverage no less. It is always wiser to follow the trend than go against it.
I hope readers find this information useful.
For mid-term swing traders, it is advisable to start taking profit at this range while you still can and have capital on the sideline ready to buy if and/or when the price comes down. It would be hard to say where exactly the price could come down to but at this point, chasing the top is definitely not a wise choice given the warning signs that ooze out of many indicators and tools. If one has not yet entered the market, I would suggest waiting for a dump that seems destined to happen soon enough and buy the dip, than make an ill-advised entry at this range.
I mark this analysis as a "Short" in the sense that I see a potential dump incoming very soon and that I recommend readers to take profit where they can at this current range. I am by no means encouraging any traders to short on the flimsiest sign of a dump, with high leverage no less. It is always wiser to follow the trend than go against it.
I hope readers find this information useful.
