BTC - Another top formed

16 thg 2, 2023

Btc has just double topped around the key $25,300 level. This is due to a bearish divergence in price action where we created a higher high in price (HH) but a lower high on the RSI (LH). If we get a daily close around $24,300 that would create a daily doji reversal candle which could send us back below 20k. Right now the chart looks very bad.

But there is a sliver of hope. Since the key 25K level is so important, if we are able to reverse trend and close at least a 4H candle above $25,400 then we could see a very quick and very sharp move into the $28-30k range.

Therefore as a trader right now it is the perfect shorting opportunity, but if we start closing candles above 25,400 it could be the perfect long opportunity.