Borders of the flat channel are expanding. The resistance moved from $7700 to $7900 and the support moved to $7400.
Oscillators are on the overbought zone, RSI shows a bearish divergence on hourly TFs. Why don't I say to SHORT from current points? Buyers became obsessed with pushing the price upwards and more likely every touch of $7400 zone will be rejected.
Breakdown of the $7400 will lead to a huge dump, but it is very difficult to break it. So, my advice is to open SHORT from the zone of $7900 - $8000 and place tight stop loss.
*If this position is opened - you should carefully watch the market, it is a must when it comes to trading inside the flat zone.
Oscillators are on the overbought zone, RSI shows a bearish divergence on hourly TFs. Why don't I say to SHORT from current points? Buyers became obsessed with pushing the price upwards and more likely every touch of $7400 zone will be rejected.
Breakdown of the $7400 will lead to a huge dump, but it is very difficult to break it. So, my advice is to open SHORT from the zone of $7900 - $8000 and place tight stop loss.
*If this position is opened - you should carefully watch the market, it is a must when it comes to trading inside the flat zone.
Note
The chart has finally formed some semblance of a pattern - bearish wedge. The price grew up with almost no volumes. Before falling down we can see a short squeeze spike. Local priority is downward with the target at $7275.
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Related publications
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Work in the team of Crypto Klondike.
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
Related publications
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.