Technical analysis would show the following:
a. 3H: RSI and Price movement are in alignment.
b. 12H: RSI Divergence from price for a long period of time.
c. 3H: Support & resistance at $46.5k ± ~$1.5k, and ~$50k respectively.
d. 12H: Support & resistance at $33k ± $2k, and ~$50k respectively.
Market momentum (green line's dominance over white area) in bottom indicator is not favorable for upside price movement on either timeframe.
Having a long RSI-Price divergence on the 12H during a bull period followed by the RSI & price movement being aligned on the lower (3H & 6H) timeframes during a bear phase also indicate we're in for more of a correction still.
The fact that the majority of BTC holders have (in come cases unbelievable) positive returns at the current price means many may take profits now, however the continued demand from large investors will keep smart holders eyeing higher prices. I've outlined what I see as two possible scenarios in the charts:
1. Blue Line: BTC makes one more push upwards as profits are taken, before correcting to the 12H accumulation zone (bottom green area).
2. Green Line: We continue to accumulate within the 3H support zone before breaking through resistance and continuing previous bull run.
Both scenarios are likely to result in parabolic price increase and price discovery after the correction and resulting accumulation is done.
Remember to never think of corrections as bad, they are a natural and unavoidable part of a healthy market, particularly one with a very limited supply compared to the demand. Ensure you have stop losses in place that coincide with your trading strategy, and properly manage your risk and reward before entering any trade, keeping in mind that Bitcoin never stops surprising us.
Not advice, just an educated guess.
a. 3H: RSI and Price movement are in alignment.
b. 12H: RSI Divergence from price for a long period of time.
c. 3H: Support & resistance at $46.5k ± ~$1.5k, and ~$50k respectively.
d. 12H: Support & resistance at $33k ± $2k, and ~$50k respectively.
Market momentum (green line's dominance over white area) in bottom indicator is not favorable for upside price movement on either timeframe.
Having a long RSI-Price divergence on the 12H during a bull period followed by the RSI & price movement being aligned on the lower (3H & 6H) timeframes during a bear phase also indicate we're in for more of a correction still.
The fact that the majority of BTC holders have (in come cases unbelievable) positive returns at the current price means many may take profits now, however the continued demand from large investors will keep smart holders eyeing higher prices. I've outlined what I see as two possible scenarios in the charts:
1. Blue Line: BTC makes one more push upwards as profits are taken, before correcting to the 12H accumulation zone (bottom green area).
2. Green Line: We continue to accumulate within the 3H support zone before breaking through resistance and continuing previous bull run.
Both scenarios are likely to result in parabolic price increase and price discovery after the correction and resulting accumulation is done.
Remember to never think of corrections as bad, they are a natural and unavoidable part of a healthy market, particularly one with a very limited supply compared to the demand. Ensure you have stop losses in place that coincide with your trading strategy, and properly manage your risk and reward before entering any trade, keeping in mind that Bitcoin never stops surprising us.
Not advice, just an educated guess.
Trade active:
Moved 50% of portfolio onto exchange to prepare to take profits.
T1: $46,500
T2: $48,000
Buy order at $32k will be placed once profits are taken.
If correction occurs, altcoin trades will be placed to prioritize USD over BTC in order to maximize amount of purchasable BTC when bullish momentum resumes.
T1: $46,500
T2: $48,000
Buy order at $32k will be placed once profits are taken.
If correction occurs, altcoin trades will be placed to prioritize USD over BTC in order to maximize amount of purchasable BTC when bullish momentum resumes.