BitcoinShort
Correction incoming
Bitcoin has rallied higher than most people expected. There seems to be a lot of calls for the moon and bullish sentiment but I don't think the bull-market has started just yet...
On the daily we have a diverging RSI, volume is falling and if we draw an Elliot-Wave (assuming wave 5 is roughly a 1:1 of wave 1) We should expect a top not much higher than our current levels around theBTCUSD $5700-ish range.
On top of this this level roughly coincides with the mid November support which might act as a strong resistance, especially at these already overbought levels. We're also well above all of the indicators and coming up to a 9 on the TD sequential tomorrow, so it's hard to argue some kind of correction isn't likely in the coming days.
On the daily we have a diverging RSI, volume is falling and if we draw an Elliot-Wave (assuming wave 5 is roughly a 1:1 of wave 1) We should expect a top not much higher than our current levels around the
BTCUSD $5700-ish range.On top of this this level roughly coincides with the mid November support which might act as a strong resistance, especially at these already overbought levels. We're also well above all of the indicators and coming up to a 9 on the TD sequential tomorrow, so it's hard to argue some kind of correction isn't likely in the coming days.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.