M pattern forming (with 3 trendline rejections, the 3rd currently rejecting)
Parabolic run up while the rest of the market was either ranging or moving up slowly
Options expired yesterday, so could see a further move downwards as we have seen in the past after options expire
Nearing the end of the week/month
Its currently the weekend where we usually see a correction of the weeks bullish movement
2 strong rejections of the $14.50-$15.00 supply zone on 23rd and 24th March
BTC is currently still in a range between $50-$55k (current price is
54K)
Daily/3D/W RSI still in heavy overbought territory at 70 and above
Parabolic run up while the rest of the market was either ranging or moving up slowly
Options expired yesterday, so could see a further move downwards as we have seen in the past after options expire
Nearing the end of the week/month
Its currently the weekend where we usually see a correction of the weeks bullish movement
2 strong rejections of the $14.50-$15.00 supply zone on 23rd and 24th March
BTC is currently still in a range between $50-$55k (current price is
54K)Daily/3D/W RSI still in heavy overbought territory at 70 and above
Note
price is currently hovering just below the trendline on the 4hr meaning we still havent seen a trendline rejection here yet and the M pattern has not fully formed. Will need a rejection from here firstIf we see a break of this trendline then we will look to long
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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.