Huge volatility incoming for BTC --> Bigger correction incoming?
Updated
Dear traders,
we had a very interesting weekend with a price of 10,2k for Bitcoin.
However, you should know that weekends the volume is comparably low in comparison to the week itself (Mo-Fr).
Thus, I believe that the whales had it easy to push the price to 10,2k with a fakeout of the ascending triangle.
However, today in the morning, we had a reasonably drop to 9,7k indicating one bigger bearish candle indicating that the price is still in the ascending triangle.
If you look at the RSI, you can see that the RSI bounced 3 times aiming for a price increase.
Also the past times, we had after each bigger bearish candle approx. 1-week consolidation.
Now, the RSI has no bigger playroom and soonly we will see huge volatility as the RSI got stuck between support and resistance.
Keeping in mind that we have an OI over 1 bil. and quite more long positions than short position, I tend to see a bigger correction towards the 0,5 / 0,618 fib levels. We also have some open CME gaps that "need" to be closed.
Overall, I am still bullish. However, I think we need some bigger correction for the halving rally.
If you like the idea, please, hit the Like button.
The information given is never financial advice. Always do your own research.
we had a very interesting weekend with a price of 10,2k for Bitcoin.
However, you should know that weekends the volume is comparably low in comparison to the week itself (Mo-Fr).
Thus, I believe that the whales had it easy to push the price to 10,2k with a fakeout of the ascending triangle.
However, today in the morning, we had a reasonably drop to 9,7k indicating one bigger bearish candle indicating that the price is still in the ascending triangle.
If you look at the RSI, you can see that the RSI bounced 3 times aiming for a price increase.
Also the past times, we had after each bigger bearish candle approx. 1-week consolidation.
Now, the RSI has no bigger playroom and soonly we will see huge volatility as the RSI got stuck between support and resistance.
Keeping in mind that we have an OI over 1 bil. and quite more long positions than short position, I tend to see a bigger correction towards the 0,5 / 0,618 fib levels. We also have some open CME gaps that "need" to be closed.
Overall, I am still bullish. However, I think we need some bigger correction for the halving rally.
If you like the idea, please, hit the Like button.
The information given is never financial advice. Always do your own research.
Note
Trade closed, target of 8,3k reached
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