BTC - READY FOR A SHORT DIP?BITSTAMP:BTCUSD is moving in a strong manner.
Like I said in my recent post, it is right now a difficult situation, there are many short signals, but also a lot of bullish signals. My main concern is that I see too many bearish traders. This often means that we will keep rising through resistance because those people will get liquidated over and over again pushing the price. If Bitcoin decides to move across 6600$, then I would anticipate 7000$ as the next target and definitely short the market.
A lot of people are waiting for a huge dip and I am pretty sure, that this won't happen. We might get a small pullback now or no pullback at all until we breach resistance and fomo kicks in. I still follow my plan of shorting the market at around 6400$, but I will be very careful and liquidate my position if we keep slowly rising even though shorts are piling in.
For now, we get a bearish signal of the MultiRSI, which indicates a small pullback, we might be able to cover the shorts at around 6000$.
I hope this was helpful.
Best,
Felix Kewa
