Stop loss now (more aggressively) moved up to just under $18K. I'm very much still under the impression that if price breaks below the MA ribbon on the 4hr, price will fall considerably lower.
Likewise, if $20K is now tested, given the lack of strong selling pressure at the $19K levels, there's a good chance price can break through and move much higher. Either way, a bigger move is coming imo. The parrelel channel morphed into a bearish rising wedge pattern, that has a greater chance of breaking to the downside than the upside in reality.
I'm also not taking the TD 9 Sell Signal on the Weekly time-frame lightly, it seems likely that this week or next price is going to move in a big way. Eventually, this will be to the downside.
Price has more of less been oversold in the Daily time-frame for over a month since $12K levels were broken. To say price is merely overbought, is an understatement.
We are otherwise at clear RSI resistance levels >85, which price strength continues to struggle with unsurprisingly. There could be another push upwards, but it lead inevitably lead to bigger push back down eventually. Be fearful when others are greedy. The time to be greedy, was back when everyone was back in March when everyone was fearful.
It won't be long now until some whales start taking profits, in order to buy back into a tasty dip.
My stop loss has therefore now been moved up to $17.57K, with the intention to move this to $18K probably tomorrow or after a test of $20K. I'm still under the impression a 25-35% correction will occur, after a dump exceeds 10% below local top, which is why I've been moving the sell order higher over the weeks instead of taking trading profits already.
Likewise, if $20K is now tested, given the lack of strong selling pressure at the $19K levels, there's a good chance price can break through and move much higher. Either way, a bigger move is coming imo. The parrelel channel morphed into a bearish rising wedge pattern, that has a greater chance of breaking to the downside than the upside in reality.
I'm also not taking the TD 9 Sell Signal on the Weekly time-frame lightly, it seems likely that this week or next price is going to move in a big way. Eventually, this will be to the downside.
Price has more of less been oversold in the Daily time-frame for over a month since $12K levels were broken. To say price is merely overbought, is an understatement.
We are otherwise at clear RSI resistance levels >85, which price strength continues to struggle with unsurprisingly. There could be another push upwards, but it lead inevitably lead to bigger push back down eventually. Be fearful when others are greedy. The time to be greedy, was back when everyone was back in March when everyone was fearful.
It won't be long now until some whales start taking profits, in order to buy back into a tasty dip.