BitcoinShort
Correction Incoming? 5%? 10%? or 40%?
We're overbought on the weekly.
We need a downside move, and now would be a good time for that to coil up for the next big move.
Another indicator is on the daily, we have a huge wick to the upside -- bearish omen.
If we break the lower green line, we're in for a fall atleast 5% or according to fib.rt. a 10% drop on a daily, and possibly an up to 40% drop on the weekly.
Even if we drop up to 40% from here, we'll still be at a higher low on the weekly and riding along the bottom of the log.growth chart.; basically, still within the uptrend.
Bearish short term, Bullish long term.
We need a downside move, and now would be a good time for that to coil up for the next big move.
Another indicator is on the daily, we have a huge wick to the upside -- bearish omen.
If we break the lower green line, we're in for a fall atleast 5% or according to fib.rt. a 10% drop on a daily, and possibly an up to 40% drop on the weekly.
Even if we drop up to 40% from here, we'll still be at a higher low on the weekly and riding along the bottom of the log.growth chart.; basically, still within the uptrend.
Bearish short term, Bullish long term.
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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.