Bitcoin Overbought - Idea for Short position
After BTC price rose to 70k zone due to many liquidations of short positions, it has reached level of resistance. On 15m chart there is overheating of RSI. For me a double or triple wick through 70 zone on RSI is a confirmation of a downtrend.
It's needed to say that if in a few hours time, if RSI goes over 75 it can lead BTC in another pump towards an new ATH which would again trigger sells.
I expect price to attack 71800 zone once more and then a hard rejection towards 68k, then retest of 70k and back to 64k zone.
I would avoid overleveraging and i'd keep stop-loss around 72500.
Disclaimer: This is not financial advice. Please DYOR and trade accordingly.
It's needed to say that if in a few hours time, if RSI goes over 75 it can lead BTC in another pump towards an new ATH which would again trigger sells.
I expect price to attack 71800 zone once more and then a hard rejection towards 68k, then retest of 70k and back to 64k zone.
I would avoid overleveraging and i'd keep stop-loss around 72500.
Disclaimer: This is not financial advice. Please DYOR and trade accordingly.
Disclaimer
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