BItcoin: Bears are hungry. A retrace to $4400 is on the table.
As we are all aware, various points of resistance have been eaten up like snacks by bulls the past few days, but bears get hungry too, right?
Looking for a top around $8,490 on
XBTUSD.P
, which would take the price up a further 5% from its current level. Following the break of the parabolic curve I am expecting a quick downturn to the 0.382, before further drop to resistance at the 100 daily MA, and 200 daily MA respectively.
A drop to $4400 would equal an ~85% retrace from the $3200 - $8500 run, aligning it with that of the 85% retrace of the $20k - $3200 bear market.
I'm new to charting, so if anyone has any constructive ideas please do comment! Obviously this is not financial advice, and I don't know for sure what will happen, although I wish I did!
Looking for a top around $8,490 on
XBTUSD.P
, which would take the price up a further 5% from its current level. Following the break of the parabolic curve I am expecting a quick downturn to the 0.382, before further drop to resistance at the 100 daily MA, and 200 daily MA respectively. A drop to $4400 would equal an ~85% retrace from the $3200 - $8500 run, aligning it with that of the 85% retrace of the $20k - $3200 bear market.
I'm new to charting, so if anyone has any constructive ideas please do comment! Obviously this is not financial advice, and I don't know for sure what will happen, although I wish I did!
Comment:
As of dropping to $8250 my indicators have confirmed bearish divergence on the hourly for the first time in over a month. I have opened a short position with some balance aside in case we still hit $8490.
Comment:
Another bullish move in the working. Short closed @7900. Indicators are showing more upward room on the 4H, with upside to 8450, and possibly 9200. I shall be laddering my shorts at low risk within this zone. Watch out going long, as a breakdown of either the parabolic curve or ascending range we are currently within could launch a sharp downturn.
Comment:
Take profit hit at 6400 overnight! We looking to re-enter a short position within the 7400-7500 range, leaving aside additional funds for if we hit 7700 again.