Reasons to sell
Overextension of the RSI on the 4hr
Bearish DIV on 1hr and 2hr
Last time we saw a move like this was 04 Nov 2020 with a 20% correction happening
Strong resistance at $6
Head and shoulders still intact (but subject to change as we are in a bull run and this is a bearish pattern) low success rate in bull runs
Could see price revisit $4.80
Price has gone up around 15% since yesterdays analysis, however i still see there being further downside on this pair. While this has gone up, ETH and LTC have stayed relatively stagnant, while BTC is currently ranging between 50-55k.
As shown on the chart we can see a head and shoulders pattern has formed along with a hanging man at the strong resistance level...