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BITCOIN ready to pull back?
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Hi Guys,
Bitcoin has been on a massive run since the US election were decided and has currently cracked the psychological 100k mark.
Price is currently at an area where we may see some selling pressure and allow the BTC to digest the gains and perhaps consolidate and pullback to allow others who missed out to hop on for another possible move higher. (OR maybe none of this and just keep tracking higher essentialy locking out anyone who didnt get on below.)
The red box on the chart is that area and it is the 161.8 retracement of point A to Point B.
Weekly RSI is in overbought with massive divergence and price is very extended from the 200 DMA (purple line), usually a sign for BTC retracement.
Sell setups may form on lower time frames if this area does produce selling pressure.
Safe Trading all.
Bitcoin has been on a massive run since the US election were decided and has currently cracked the psychological 100k mark.
Price is currently at an area where we may see some selling pressure and allow the BTC to digest the gains and perhaps consolidate and pullback to allow others who missed out to hop on for another possible move higher. (OR maybe none of this and just keep tracking higher essentialy locking out anyone who didnt get on below.)
The red box on the chart is that area and it is the 161.8 retracement of point A to Point B.
Weekly RSI is in overbought with massive divergence and price is very extended from the 200 DMA (purple line), usually a sign for BTC retracement.
Sell setups may form on lower time frames if this area does produce selling pressure.
Safe Trading all.
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