BTC wants a little correction, then retest of resistance
Hi guys,
I used to be good at predicting BTC moves, but I somehow always forget to publish trade idea :) Let's see if I will be right this time.
Please hit the like button it really means a lot to me. Thanks.
OK, let's go,
We had a great momentum over the last days, but I believe that things are going up a bit too fast.. That's why I believe the market will need small correction to be able to move up again, this time healthier.
The short term target for correction is I think somewhere between 4300$ - 4700% but the market can panic sell and this can lead as to 3500$ area. If that happens there will be a pullback expected to at least 4000$ zone.
I don't want to exclude option for a quick jump to 5900$ and a then bigger correction to lower levels. But RSI is still in the dangerous overbought zone and I like always markets need to either go into sideways trading to lowers the RSI or dump the market to healthier zone.
Right now BTC is struggling with resistance ( on purple line) and it tried 7 times to pass the purple line but it failed and it created lower high. It is possible that we are going to stay in this area for a few days so RSI goes lower to create more natural buying pressure. Overall I'm bullish on mid-term. If we pass the purple line I would add to a position with close stop loss.
I will keep you updated.
Thank for your support!
Let the bulls win!
I used to be good at predicting BTC moves, but I somehow always forget to publish trade idea :) Let's see if I will be right this time.
Please hit the like button it really means a lot to me. Thanks.
OK, let's go,
We had a great momentum over the last days, but I believe that things are going up a bit too fast.. That's why I believe the market will need small correction to be able to move up again, this time healthier.
The short term target for correction is I think somewhere between 4300$ - 4700% but the market can panic sell and this can lead as to 3500$ area. If that happens there will be a pullback expected to at least 4000$ zone.
I don't want to exclude option for a quick jump to 5900$ and a then bigger correction to lower levels. But RSI is still in the dangerous overbought zone and I like always markets need to either go into sideways trading to lowers the RSI or dump the market to healthier zone.
Right now BTC is struggling with resistance ( on purple line) and it tried 7 times to pass the purple line but it failed and it created lower high. It is possible that we are going to stay in this area for a few days so RSI goes lower to create more natural buying pressure. Overall I'm bullish on mid-term. If we pass the purple line I would add to a position with close stop loss.
I will keep you updated.
Thank for your support!
Let the bulls win!