BTC top at 105 to 108k?
I'm always looking for signs of a change in trend direction.
A good indicator has always been;
1. A series of higher highs in the price-action, with
2. A corresponding series of lower highs on the RSI (for major trend changes or corrections I use the daily time-frame),
3. Ideally, three lower highs on RSI (sometimes you only get two), with the final RSI high FAILING to get above the 70 level of RSI (red circle).
To me this signals - at a minimum - a correction is inbound. So, I would look for other indicators to determine if I think if it is a correction or a trend-change i.e. bear market.
There is a plausible Elliot Wave count. Without getting too technical, I see the 105 to 108k as the end of the trend. Could be wrong, could be right. If I am right I should get a medal for accuracy. Happy trading.
A good indicator has always been;
1. A series of higher highs in the price-action, with
2. A corresponding series of lower highs on the RSI (for major trend changes or corrections I use the daily time-frame),
3. Ideally, three lower highs on RSI (sometimes you only get two), with the final RSI high FAILING to get above the 70 level of RSI (red circle).
To me this signals - at a minimum - a correction is inbound. So, I would look for other indicators to determine if I think if it is a correction or a trend-change i.e. bear market.
There is a plausible Elliot Wave count. Without getting too technical, I see the 105 to 108k as the end of the trend. Could be wrong, could be right. If I am right I should get a medal for accuracy. Happy trading.
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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.