BTC Overbought Up to 7% decline 11 04 2022

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Analysis:
On the 3 min charts, BTCDOWNUSDT 3 candle confirmation occurred at around $20,814. This implies a current overbought condition for BTCUSDT. 2-candle confirmation on the 5 minutes chart above the yellow moving average and a 1-3-candle confirmation above the lower white dotted fib line on the 3 min chart were also confirmed.
The projected entry zone is anywhere between $20,950 and $20,814. Based on this analysis, we should expect around 0.71% to 7% downward movement for BTC from this point. This might be achieved either by end of the day or over the course of the next 3 days.


Baseline Information:
The strategy used for this analysis takes into account the following factors:
Timeframe: 3min and 5 min
Symbols: BTCUSDT , ETHUSDT , BTCDOWN, and ETHDOWN
Exchange: Binance
Indicators: For obvious reasons, precise indicators names can not be provided, but this analysis makes use of VWAP , moving averages, and Fib charts.
Chart Count: 8

Disclaimer:
The information and publications are not meant to be or constitute financial, investment, trading, or other advice or recommendations.