BTCUSD
is reaching a reversal zone. So be careful or start to think of shorting. Sell-Signal:
I mentioned a couple of resistance levels in my recent post and also some bearish signal when we were underneath the resistance of 6400$. The point is, we hit those resistance levels in a parabolic move and the bearish indicators from before got even stronger. We have a huge divergence in the momentum indicators on the 4h. The MultiRSI is shooting a bearish signal on the daily, which rarely fails. I would say that the probability for some down movement is very high. But for the time frame of one or two weeks, I would still think that it is quite likely to go even higher until we start breaking down to our targeted buy zone. But for the short term, I would definitely protect my assets or go short.
Targets:
Since I am convinced that we will some kind of correction, but not convinced that we won't push higher before testing the 6400$ zone, my main target is set to around 7000$ for the short today. I will keep a tiny portion of the position in case we go lower. If we keep rising with volatility I will stop loss once the current top is broken as long as we are not overextended on the short term. It is a tricky spot to short here and It will take a lot of patience and some small losses on the way, but once the position is set, then we will make a great trade.
I hope this was helpful.
Best,
Felix Kewa
Comment:
The expected drop happened, but it will probably take another small push to the upside or fail breaking the resistance before going to the lower targets.
Comment:
First target reached
Comment:
Expect retrace to 7500-7600$
