I do wish you all luck with the double top calls, the institutions really appreciate it.
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Bull flag completed and helped to create a stop loss run at 5000...now we find out whats really coming, FOMO or down for the handle. If the price takes out the local high the raging bull is back...if not then we get some bearish divergence on the daily chart and its time to go back down for the handle.
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Worth noting that at this very moment, RSI is oversold on every time frame from the 30m chart all the way up to the 1 week chart. Rare.
*Assuming it breaks the local high at $5240 (I assume it will)
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Why do I say to wait for a new ATH? Bearish picture is still alive, at a pivotal point. Look at the RSI trendline...either we get bearish divergence or we get FOMO. We'll see.
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ATH broken, moon it is. At least for now.
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Idk why but this just worries me : ) The market is very overbought on all time frames...that doesn't mean the FOMO can't continue it can, but its just something to be wary about. Not trading this or anything, but I just have this feeling that since shorts were liquidated last night, now the down move is gonna come haha. I know i'm flip-flopping a bit but that just honestly how I feel about it. Not confident either way: Good luck to you if you are.
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Daily candle respected pitchfork resistance and is now wicking. Not closed yet but looks like we're going down for the handle. The fibbonaci levels are a bit higher now that we made a new high.
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Didn't mean to share the right screen, just focus on the left, that's what im referring to (the daily chart).
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all three fib levels are potential targets:
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Maybe one more high...but the longs must get rekt eventually: )
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Bull flag? Or will it break down? Who knows. Wait and see.
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Breaking this triangle as I post, pop
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lol, price losing momentum on the volume. This would be an epic bull trap, careful it goes back below $5700. Glad i'm not trading this. Could go either way here.
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Seems like if bitcoin were going to break out...it would have already.
@ambrosia, Let's see if the price can remain above 5200...still expecting us to go down.
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What do you think that means?
ltc-joe
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@NemoTrader, its a very bearish signal. It means there is a big correction coming one way or another. That said, of course the market may just get very irrational, and the correction can come from much higher prices...time wise it will come soon though.