Medium to low risk short - 15 min and hourly bearish divergence
Major RSI divergence on the 15 minute level (17 points!) with a triple top, plus a minor divergence looking to be forming on the hourly (about 2-3 points), with decreasing volume and after a massive run-up in the last several days. Only area for hesitation is the RSI being flat on the 4 hour chart, however, BTC is starting to look weak again, which would help push this down.
Targets:
4 hour area of support at about 17.55, which also coincides roughly with the .382 fib at 17.38. High confidence.
.5 fib at 16.59. Medium confidence.
.618 fib 15.8. Medium-low confidence.
Targets:
4 hour area of support at about 17.55, which also coincides roughly with the .382 fib at 17.38. High confidence.
.5 fib at 16.59. Medium confidence.
.618 fib 15.8. Medium-low confidence.
Comment:
If you took this trade, hopefully you took some profits on yesterday's dip. Reaffirming this setup now with what looks to be a double top on the 4 hour chart and continued RSI decline on both the 1 and 4 hour charts. This would make for a good entry point as well if you haven't already. Targets remain unchanged from a fib perspective - although you may want to look at just above 16 for the 3rd target since that looks to be an hourly area of S/R and people like round numbers.