#BTC #Bitcoin bearish signs all over the place!
Just as expected BTC topped out at the 8k level (we tweeted that signal 3 days ago).
20% retracement is a good play but there are signs (on the daily timeframe) indicating that BTC is potentially going lower in the short term.
THE SIGNS:
1. RSI indicating double top which can be also considered as a bearish divergence when we include the BTC price to the equation
2. Stoch RSI - bearish
3. MACD - high chance of going bearish
4. People who bought at the $3-4k level will be taking profits for sure when the S* hits the fan!
OUR STRATEGY:
We are expecting a bit bigger correction than the current one (maybe somewhere between the 30-40% range in total from top to bottom). We have already shorted (50%) the 8k level because we were expecting this drop... especially when we saw even the "biggest bears" (youtubers and traders with twitter accounts) screaming "bullrun".
In the coming days (or few weeks if we see another unexpected move to the upside) we will be watching:
1. The $5-5.5k price level (as potencial support)
2. The 100 day MA
3. The 200 day MA (if things go really bad for BTC)
20% retracement is a good play but there are signs (on the daily timeframe) indicating that BTC is potentially going lower in the short term.
THE SIGNS:
1. RSI indicating double top which can be also considered as a bearish divergence when we include the BTC price to the equation
2. Stoch RSI - bearish
3. MACD - high chance of going bearish
4. People who bought at the $3-4k level will be taking profits for sure when the S* hits the fan!
OUR STRATEGY:
We are expecting a bit bigger correction than the current one (maybe somewhere between the 30-40% range in total from top to bottom). We have already shorted (50%) the 8k level because we were expecting this drop... especially when we saw even the "biggest bears" (youtubers and traders with twitter accounts) screaming "bullrun".
In the coming days (or few weeks if we see another unexpected move to the upside) we will be watching:
1. The $5-5.5k price level (as potencial support)
2. The 100 day MA
3. The 200 day MA (if things go really bad for BTC)
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