Bitcoin big drop incoming!?!?
Hello Everyone,
Although I am bullish on bitcoin overall, I believe Bitcoin is going to experience a drop within the next 7-10 days. Why? Bitcoin is up 70% from the bottom, a pullback is necessary in order to continue price upwards. Personally, I had some nice profits in both my DCA and trading account so I went ahead and sold!
Here is my analysis:
1. RSI bearish divergence - we are seeing lower peaks in RSI with higher prices. This is bearish.
2. MACD weakening buying momentum.
3. Ascending wedge - this is a bearish pattern, similar to what we saw around 60k.
4. Price action - Price action is over all bearish as we are seeing volume going down as price going up.
5. Keeping with a Healthy bull market. The health of the market cannot see a straight line upwards. We need to see a sell off so we can reset and continue upwards.
6. Testing large resistance areas with low volume - Price will not clear high resistance with low volume. This is a bearish sign that a sell off is brewing. ]
7. Bitcoin broke out and alts mooned. This is a sign that things need to cool off and reset for more longer term upwards movement.
Although I believe we will see a dip in price, I do believe bitcoin is bullish in the longer term. I will be looking for entries along major support areas such as 36k , 42k , etc.
As always, use risk-management, be patient, and good luck trading!
Although I am bullish on bitcoin overall, I believe Bitcoin is going to experience a drop within the next 7-10 days. Why? Bitcoin is up 70% from the bottom, a pullback is necessary in order to continue price upwards. Personally, I had some nice profits in both my DCA and trading account so I went ahead and sold!
Here is my analysis:
1. RSI bearish divergence - we are seeing lower peaks in RSI with higher prices. This is bearish.
2. MACD weakening buying momentum.
3. Ascending wedge - this is a bearish pattern, similar to what we saw around 60k.
4. Price action - Price action is over all bearish as we are seeing volume going down as price going up.
5. Keeping with a Healthy bull market. The health of the market cannot see a straight line upwards. We need to see a sell off so we can reset and continue upwards.
6. Testing large resistance areas with low volume - Price will not clear high resistance with low volume. This is a bearish sign that a sell off is brewing. ]
7. Bitcoin broke out and alts mooned. This is a sign that things need to cool off and reset for more longer term upwards movement.
Although I believe we will see a dip in price, I do believe bitcoin is bullish in the longer term. I will be looking for entries along major support areas such as 36k , 42k , etc.
As always, use risk-management, be patient, and good luck trading!
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