So as I said previously I wanted to see a fakeout double top on the weekly timeframe before shorting and now it appears to be working.
Over the rest of the year we should see a decline in price down to the 15-20k level where price should create an inverse head and shoulders pattern and provide a fantastic buying opportunity.
Over the rest of the year we should see a decline in price down to the 15-20k level where price should create an inverse head and shoulders pattern and provide a fantastic buying opportunity.
Note
Volume decreasing as price moves higher (divergence)Over-extension (parabolic moves NEVER last)
Weekly bearish candlesticks (hanging man)
Historical analogue points to bear market.
Over-hype, chasing the top (psychology)
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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.