Back to 6200$
BTC -0.75% is breaking the red triangle we see in the chart.
RSI is high on the 4h timeframe. Last time it was so high (early May), BTC -0.75% felt consequently.
First target price: 6200$
Another sign that makes me bearish is the trend of long positions on Bitfinex (see below). It is increasing more than reasonably while the price of BTC -0.75% will not make it sustainable to hold and I suspect people will close their position to limit their loses. I guess a squeeze is highly possible.
RSI is high on the 4h timeframe. Last time it was so high (early May), BTC -0.75% felt consequently.
First target price: 6200$
Another sign that makes me bearish is the trend of long positions on Bitfinex (see below). It is increasing more than reasonably while the price of BTC -0.75% will not make it sustainable to hold and I suspect people will close their position to limit their loses. I guess a squeeze is highly possible.
Note
Target achieved. A bit later than expected but achieved.IMO BTC will continue falling.
We see now a Head & Shoulders pattern with a target price at 5900$
Trade closed: target reached
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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.