Here are my reasons for a possible reversal for Bitcoin:
1. We see the Shooting Star on the weekly chart. (Possible reversal)
2. We see small bearish divergence on RSI and MF in the weekly chart. ( Possible short term down trend followed by longer term uptrend)
3. No significant correction on the way up to 14K. (Room for a significant correction)
4. Price is making consecutive Lower Highs and Lower Lows. (In daily and 4 hr charts)
5. According my past experience, price goes up gradually at first and then violently at the end of an uptrend. The emotion and volatility last week was pretty much like riding a roller coaster, which gives me a feeling that this is the top.
If this is not the top, and just a correction, then price might go down to 7.5K to 6K range because this is the stable price range (general landing area for shooting star) and we should be ready to experience next level of volatility.
If there are something that I have missed, please feel free to point it out. I'm happy to learn more from the community.
1. We see the Shooting Star on the weekly chart. (Possible reversal)
2. We see small bearish divergence on RSI and MF in the weekly chart. ( Possible short term down trend followed by longer term uptrend)
3. No significant correction on the way up to 14K. (Room for a significant correction)
4. Price is making consecutive Lower Highs and Lower Lows. (In daily and 4 hr charts)
5. According my past experience, price goes up gradually at first and then violently at the end of an uptrend. The emotion and volatility last week was pretty much like riding a roller coaster, which gives me a feeling that this is the top.
If this is not the top, and just a correction, then price might go down to 7.5K to 6K range because this is the stable price range (general landing area for shooting star) and we should be ready to experience next level of volatility.
If there are something that I have missed, please feel free to point it out. I'm happy to learn more from the community.