Hey Traders,
We seen a decent size rally up from the bottom so far and now is the time for a correction, looking at the 4 hour RSI we have been over bought for a couple of days and now we are seeing a down. Ever time Bitcoin has pierced the 70 on the RSI we seen a massive down move to follow. This brought me to the cup and handle pattern which I drew out here. Target buy is around 9,300 and sell at 14,500. I picked 9,200 as the end of the down because the 100 would approximately be the bounce. 14,500 is the target on the fib but it may bust through it .
*do you own DD if you find this useful*
Thanks!
We seen a decent size rally up from the bottom so far and now is the time for a correction, looking at the 4 hour RSI we have been over bought for a couple of days and now we are seeing a down. Ever time Bitcoin has pierced the 70 on the RSI we seen a massive down move to follow. This brought me to the cup and handle pattern which I drew out here. Target buy is around 9,300 and sell at 14,500. I picked 9,200 as the end of the down because the 100 would approximately be the bounce. 14,500 is the target on the fib but it may bust through it .
*do you own DD if you find this useful*
Thanks!
Kommentera:
bought back in at the break out of the trend . got a stop loss at break even.
Kommentera:
As i thought would happen, happened and we broke trend . And I got stopped out at 10,750.
now we can look for 9,200.
As i thought would happen, happened and we broke trend . And I got stopped out at 10,750.
now we can look for 9,200.
Still on track for a bounce at 9,300. We have a possible bear flag forming.
If we cant hold 9,200 look for 8,800.