As we made a 44% move from $6412 to $9190 we see on RSI that its quickly making higher highs indicating that the bulls have exhausted their push up. We refer to this as convergence.
Another strong signal is when we take the top of $10572 and the low $6412 and put a fibonacci on it, we see a 61.8 retrace which is $8983 which price has moved to $9190 bringing it within the 61.8 retrace level.
I would be looking for shorts from this area as it seems fairly safe to do so being at the top of this downward trend.
Another strong signal is when we take the top of $10572 and the low $6412 and put a fibonacci on it, we see a 61.8 retrace which is $8983 which price has moved to $9190 bringing it within the 61.8 retrace level.
I would be looking for shorts from this area as it seems fairly safe to do so being at the top of this downward trend.
Comment:
As we come into Chinese new year, we won't see much of a movement on btc for atleast 3-7 days...
Trade closed manually
More to come...