Everyone is hyped about Bitcoin pumping, BUT...
Updated
- Volume didn't follow the new ATH in #Bitcoin
- So far we have the potential danger of a double top
- In addition to that, the current monthly outside bar is still bearish, with a top at 59595. IF (!) Oct closes below 59595, we could fall back into range with a first target of 48k
- In contradiction to these points: A new all time high is generally a buy signal
This could hit many investors off guard, since everybody celebrates the new ATH and is in up only mode.
Important: I would never short here, only fools short ATHs. But it is a reminder to be cautious and not overly confident that prices can only go up. Don't panic if we see yet another dump.
Note
Looking strong! Just want to emphasize this again: This trade idea was not a short, simply showing a possible scenario for some correction. As I said before: New all time highs are generally strong buy signals.
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