BTC almost doubled its price within six months, i think a pullback is likely to happen short term.
Elements
1) Rising wedge
2) TD count 8 with signs of reversal
3) Bearish dovergence on RSI
4) Stoch RSI rolling over
5) Bearing difference on MACD, which is approaching crossover
Prognosis
Watch that rising wedge for early hints of confirmation, as BTC is very close to a high resistance area (32-36k).
I think it's healthy to trigger risk management on for a while, hedging and/or protecting existing positions.
Technically 28-26k area may be lapped or thoroughly revisited within days or few weeks.
Not excluding am impulsive retest of MA200/W (flashcrash) wicking down to the 25k mark eventually.
Anything below would such level would imply the need for a broader scenario re-assessment.
For now i'd consider a short term retrace healthy for the trend.
Elements
1) Rising wedge
2) TD count 8 with signs of reversal
3) Bearish dovergence on RSI
4) Stoch RSI rolling over
5) Bearing difference on MACD, which is approaching crossover
Prognosis
Watch that rising wedge for early hints of confirmation, as BTC is very close to a high resistance area (32-36k).
I think it's healthy to trigger risk management on for a while, hedging and/or protecting existing positions.
Technically 28-26k area may be lapped or thoroughly revisited within days or few weeks.
Not excluding am impulsive retest of MA200/W (flashcrash) wicking down to the 25k mark eventually.
Anything below would such level would imply the need for a broader scenario re-assessment.
For now i'd consider a short term retrace healthy for the trend.
Note
Ok, abruptly down 600-700$ already.Let's see the outcome ...
Note
Interim support is close to 29k (midline of daily BB).Anyway, would use some caution next few days.
Note
TD count 9 on 4HNote
Few minutes ago price wicked down to 28.26k, hitting the FIB an technically entering the designated target area.It took about 4 days to successfully validate the hypothesis of this analysis.
Well within the forecast, whatever happens next.
Now we don't want to see the price plunging down more than needed here, as it may flashcrash. This is another matter.
Hence a stop and rebound is needed, as i posted above.
I'm looking forward for some relief in the next few hours, up to 24/36h.
Still hedging for now.
As per original recommendation.
Enough said for now.
Take care.
Note
Halved the short hedge and put the outcome into a Long with target price 29,2k.Will accept a partial risk there.
Not recommended undless you can manage a stop.
Note
Hmm stopped already.Note
Reopened the interim long at 28070$.Will let this run and see tomorrow.
Note
Just got back, right in time to witness this bounce.Better late than never.
Note
Got my long from 28k closed at 29,2k as wished.Could do better, but it worked.
Now just hedging.
Note
It played fine so far.Sorry for lack of updates, some health issues at the moment.
Will get back stronger.
Have a nice WE.
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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.