The last bullish movement was nice for a short term trade. I did end up closing it out at $7300 however. My intial feeling was that hitting 9k+ at the top of the channel was more likely, but now we face many obstacles. Zooming out to the daily:
1) Resistance met at 1day 100EMA and 3day 200EMA.
2) Bearish rising wedge still being built.
3) Price gain is weakening in comparison to RSI gain, momentum seems to be slowing.
4) Recent death cross
See the wedge target? Seems crazy to think that we could hit sub 2k again, but with COVD19, the upcoming halving, etc its very possible to see this target meet 100% retracement. I'm hoping of course that we just stay in the blue channel for now.
1) Resistance met at 1day 100EMA and 3day 200EMA.
2) Bearish rising wedge still being built.
3) Price gain is weakening in comparison to RSI gain, momentum seems to be slowing.
4) Recent death cross
See the wedge target? Seems crazy to think that we could hit sub 2k again, but with COVD19, the upcoming halving, etc its very possible to see this target meet 100% retracement. I'm hoping of course that we just stay in the blue channel for now.
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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.