Warning, bearish divergence on the daily RIS for BTC
Updated
Just a heads up.
We have bearish divergence on the daily RSI.
Although my previous analysis still holds true, we are officially in an uptrend (see previous posts), and still are (until/unless we break the previous higher low), this looks like it's finally going to pull back a bit, and establish a new higher low.
So in the short term, I am looking for a pull back here.
If you were looking for a long entry? That might be your opportunity.
And if you are looking to short? Well, I would be very careful, because this is an uptrend, but that is the short term play right now, in my view.
I think we are going to see a dump over the next couple of days.
We have bearish divergence on the daily RSI.
Although my previous analysis still holds true, we are officially in an uptrend (see previous posts), and still are (until/unless we break the previous higher low), this looks like it's finally going to pull back a bit, and establish a new higher low.
So in the short term, I am looking for a pull back here.
If you were looking for a long entry? That might be your opportunity.
And if you are looking to short? Well, I would be very careful, because this is an uptrend, but that is the short term play right now, in my view.
I think we are going to see a dump over the next couple of days.
Note
Here is a little better look at it:Note
Updated look:Note
Wow even more bearish divergence on the daily:As you can see from the last drop though, these drops ave very short lived. Have your shorts on a tight leash, and if you are looking for a long entry, you have to be right up on it. And I would be looking to scale in, and not go all in on one if these quick drops, as I still think a mega drop (that doesn't break the bull trend) is still possible when some whale takes profit.
Note
I am not too big to admit it. I was wrong.The bearish divergence is broken:
I was one of the first to call this new uptrend, you see my previous ideas on this. But I thought there would be more of a pull back, instead it has gone parabolic.
Still I have no interesting in jumping on that band wagon now, until there is a real pull back.
We all remember the multiple times, where this thing has crashed 10-15% in less than 15min.
I am not going to be the one holding that bag.
Note
Not to mention 50% in less than a week the last time it went parabolic. Sure, this might hit 20K on fomo, but watch out. You better have your stop losses really tight at this point.
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