BTC/USD SHORT TERM BEARISH?
Hello fellow traders! Here is my analysis on the current market state.
On the weekly chart (obviously not shown here) the RSI is way over sold at 84/85. Time for a correction?
The Bitcoin fear and greed index is at 90, extreme greed. Yesterday was almost topped out at 94. Time for a correction?
Finally we have a bearish divergence appearing as shown in the charts as well. Fibonacci ratios are laid out on where price action will potentially drop to.
In my opinion, the risk/reward ratio seems to favor the bears rather than the bulls. Having a stop loss just above the previous high and a take profit using fibs seems like the better option.
Let me know what you all think! Happy trades everyone! Throw that FOMO of emotion OUT!
On the weekly chart (obviously not shown here) the RSI is way over sold at 84/85. Time for a correction?
The Bitcoin fear and greed index is at 90, extreme greed. Yesterday was almost topped out at 94. Time for a correction?
Finally we have a bearish divergence appearing as shown in the charts as well. Fibonacci ratios are laid out on where price action will potentially drop to.
In my opinion, the risk/reward ratio seems to favor the bears rather than the bulls. Having a stop loss just above the previous high and a take profit using fibs seems like the better option.
Let me know what you all think! Happy trades everyone! Throw that FOMO of emotion OUT!
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.