XBT BTC Short Position - It is time for a retracement correction
It is time for a major selloff soon for Bitcoin.
All timeframes are grossly overbought and showing signs of bearish momentum divergence inbound.
Regardless of the fundamental aspects causing any bitcoin increase of price I highly suspect the technicals and high selling pressures will move this correction downward just as it has in the past.
You can also see it's at a critical level of support (green arrows) dating back several months which then transitioned likely into a strong resistance (red arrow). It's unlikely BTC has the power to blast through this level right now.
This is not financial advice and is for educational purposes only.
All timeframes are grossly overbought and showing signs of bearish momentum divergence inbound.
Regardless of the fundamental aspects causing any bitcoin increase of price I highly suspect the technicals and high selling pressures will move this correction downward just as it has in the past.
You can also see it's at a critical level of support (green arrows) dating back several months which then transitioned likely into a strong resistance (red arrow). It's unlikely BTC has the power to blast through this level right now.
This is not financial advice and is for educational purposes only.
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