Binance Blow off Top Reversal Pattern - Short... Very Short
Updated
Congratulations to the bulls. What a spectacular run, you don't see a rally like this everyday with the daily RSI right over 90 and the weekly RSI over 91! With that said, the daily candle today will close at the highest level it's ever been and coupled with the parabolic ascending pattern, this is a classic blow off top reversal pattern. Not a good entry point right now, but a heck of a good exit point in my opinion.
Furthermore, percentage gains like these for consecutive days like these followed by further upside are extremely rare. This is a sign of complete euphoria where the price and and moving averages are so far apart that a whipsaw like action to the downside in coming days would not surprise me. We may even close the day with a shooting star. I can't think of a better set-up to sell or short to be honest.
Furthermore, percentage gains like these for consecutive days like these followed by further upside are extremely rare. This is a sign of complete euphoria where the price and and moving averages are so far apart that a whipsaw like action to the downside in coming days would not surprise me. We may even close the day with a shooting star. I can't think of a better set-up to sell or short to be honest.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.