I am bearish right now as we have been respecting this upward channel perfectly on our way up from when I posted my long entry! I just don't see us breaking out of this to the upside and I say that because we are already in overbought conditions and I want to say this is bearish divergence, but its kind of hard to say. The impulses are a little bit choppy. But, I am leaning bearish. I could have posted for the four hour, but it just didn't look as good as the one hour and you are seeing very slight bearish divergence on the four hour, although, it's slight, but still could play out. If we do end up breaking the upsloping channel to the upside, I would honestly see that turning into a false breakout giving the current conditions of the market. Don't get too greedy! Start taking profits as we are in our profit taking area between the .382 fib and .618 right now. You have surpassed the .382, but I don't know how likely it is for us to hit a 50% retrace. So, that being said, I have closed some of my long positions already on BTC! As for a retrace to the downside. It's hard to say right now! I don't want to give targets as of yet. But I am expecting a reversal in price action. We've seen it on the one hour time frame yesterday and now I think its going to play out on the four hour and usually those moves are going to be bigger. We'll see what happens! <3
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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.