Retrace before retest of November's trendline
Updated
Watching the DXY rise uncertainly makes me think we will see alot more volatility in crypto markets.
I have marked my 'buy zone' in the 0.5-0.3 fib areas from the breakout. It looks like we have a lot of solidity to test 1300+ and the downtrend after but I don't think we are 100% thrusters.
MACD is peaking on the 4h, although not really a strong indicator in STF.
The RSI is well overbought and many other momentum indicators are fizzling.
Good luck in 2023!
I have marked my 'buy zone' in the 0.5-0.3 fib areas from the breakout. It looks like we have a lot of solidity to test 1300+ and the downtrend after but I don't think we are 100% thrusters.
MACD is peaking on the 4h, although not really a strong indicator in STF.
The RSI is well overbought and many other momentum indicators are fizzling.
Good luck in 2023!
Note
The top seems to have formed a slow rounding top, with little momentum.When assessing from the perspective of Macro/DXY; there will likely be minor capitulation from short term traders and I think the retrace may go deeper. I will have to re-assess market conditions before entering a new long position.
I am bullish above 1248.
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