BTC - one last push before correction?

2020년 11월 14일

We have a bearish wedge that is about to be resolved by early next week, a bearish divergence on RSI + MACD and volume declining. This all spells a correction is imminent, plus 17.1k resistance above, which was the previous top besides ATH on the way up in Dec 2017.

However, before the wedge resolves, we may get another pump which may shoot up to 17k, we need some serious volume to pass that and current volume is looking rather weak/bearish which makes my bias bearish.

Local support and resistance is on the chart. A long with a tight stop just under 15.8k could work for a short time trade targeting previous top 16.4k, but be careful, BTC may decide to drop anytime. Once we start correcting 14k is in play (-15%) or even 12k (-30%) from current top then we can continue to test ATH levels.

I find it unlikely we will test ATH this year, more likely Q1 2021 (Jan-Feb). We are due for a correction, but BTC may surprise us. Patience is key.

Stay safe and mange your risk properly.