$BTC - 1D bear divs almost in - time to derisk?
Evident we have 1D bearish divs forming and we have had 7 green 1D candles in a row
This market should be entirely exhausted
2 weeks ago when we found the ATH I knew there was 1W bearish divergence but I didn't think the action of mass selling would take place 3-12 hrs after that weekly close, was waiting till next weekly close for the confirmation to completely derisk by which time the correction was virtually over, lol
So if this daily candlestick closes above $57425 and we see a sell for the first 30m - 1h of the open of the 12.03.21 I am very tempted to derisk a bunch and re-enter hopefully lower across the board, in BTC maybe something like in the 1D Demand zone of 51.5K-52K
On the other hand, institutions must be buying up this leg causing the 7 1D green candles, plus the stimulus and its a 1D divs not 1W divs so won't be as powerful.
Saying that 1D divs are still very strong - caused the top at 42K dropping the price in next day 8K
And that stimulus won't stop a dump rather it will help push price up after a dump.
Derisk consensus: relatively high - as BTC move down to lower 50s should wreck alts quite a bit, -20% across the board I would expect!
This market should be entirely exhausted
2 weeks ago when we found the ATH I knew there was 1W bearish divergence but I didn't think the action of mass selling would take place 3-12 hrs after that weekly close, was waiting till next weekly close for the confirmation to completely derisk by which time the correction was virtually over, lol
So if this daily candlestick closes above $57425 and we see a sell for the first 30m - 1h of the open of the 12.03.21 I am very tempted to derisk a bunch and re-enter hopefully lower across the board, in BTC maybe something like in the 1D Demand zone of 51.5K-52K
On the other hand, institutions must be buying up this leg causing the 7 1D green candles, plus the stimulus and its a 1D divs not 1W divs so won't be as powerful.
Saying that 1D divs are still very strong - caused the top at 42K dropping the price in next day 8K
And that stimulus won't stop a dump rather it will help push price up after a dump.
Derisk consensus: relatively high - as BTC move down to lower 50s should wreck alts quite a bit, -20% across the board I would expect!
Comment:
So overnight we printed a higher low, looks like some of the alts dumped somewhat so bit of derisk was good
I wouldn't be surprised it we got a bit lower to reset indicators etc. then attack the ATH
I wouldn't be surprised it we got a bit lower to reset indicators etc. then attack the ATH
Comment:
literally every alt but flipping CHZ in the bin looooool, BTC still relatively strong but wouldn't be at all surprised by further drop - haven't entered a clean long yet!
Also 4H bear divs across recent candles! Oof