Not trying to scare anyone, but the chart looks terrible
I do not see bitcoin anywhere but 6k after this break out and the 5SMA crossing the 20SMA on the weekly, to me I see two scenarios as of now.
1-Drop to 6k and consolidate there for a while before going to ATH
2-Enter a bear market for another year or so , re-test 3k make a double bottom and then start another bull cycle.
These two scenarios are invalidated if the price does close again above 20SMA on the weekly.
another more concerning view can be found on the monthly chart, the monthly candle will close today and these three black crows are very scary
As far as day trading is concerned, it's now safer to short the market , a retrace to the 20SMA and 5SMA area (9300$-9600$) on the weekly chart will be a good chance to short/sell bitcoin , until the chart tells us otherwise.
Stay calm, don't panic just follow the chart.
I do not see bitcoin anywhere but 6k after this break out and the 5SMA crossing the 20SMA on the weekly, to me I see two scenarios as of now.
1-Drop to 6k and consolidate there for a while before going to ATH
2-Enter a bear market for another year or so , re-test 3k make a double bottom and then start another bull cycle.
These two scenarios are invalidated if the price does close again above 20SMA on the weekly.
another more concerning view can be found on the monthly chart, the monthly candle will close today and these three black crows are very scary
As far as day trading is concerned, it's now safer to short the market , a retrace to the 20SMA and 5SMA area (9300$-9600$) on the weekly chart will be a good chance to short/sell bitcoin , until the chart tells us otherwise.
Stay calm, don't panic just follow the chart.