Hello fellow traders. My last chart showed how the last bull run, we tested the ATH, and we had a 32% pullback only to be bought up quickly.
This chart has interesting factors that might help deciding when to buy. (or TP in your short)
#1. 32% retracement (9.7-20k) lands us right around 14k.
#2. Bearish divergence meaning price is to decline (not to mention being near ATH, the risk/reward really isn't in your favor)
#3. The 21 weekly MA will be at this level when price point is reached
#4. The RSI/MFI/STOCH RSI most likely will be at a buy at this point
#5. When and IF prices reach 14-15k, I expect a nice dead cat bounce to head us to newer highs in the market. It has happened before and may happen again with this market cycle.
Let me know what ya'll think!
This chart has interesting factors that might help deciding when to buy. (or TP in your short)
#1. 32% retracement (9.7-20k) lands us right around 14k.
#2. Bearish divergence meaning price is to decline (not to mention being near ATH, the risk/reward really isn't in your favor)
#3. The 21 weekly MA will be at this level when price point is reached
#4. The RSI/MFI/STOCH RSI most likely will be at a buy at this point
#5. When and IF prices reach 14-15k, I expect a nice dead cat bounce to head us to newer highs in the market. It has happened before and may happen again with this market cycle.
Let me know what ya'll think!