Bitcoin has had an amazing rally so far, but I think momentum is drying as we start to range.
Now I think we might have a small drop from the upper part of the 10K to 12K range.
We had a bearish divergence with the biggest top on the 29 of July, not making a higher high on the STOCHASTIC and Ultimate Oscillator, this could mean a possible trend reversal.
Volume has been dropping off since the massive PUMP of the 27 of July, and momentum could start to shift in the opposite direction if more buying pressure doesn't step in.
Finally, we had a bearish Kumo Twist on the Ichimoku cloud, another possible sign of a coming DUMP.
Now, Bitcoin usually can PUMP harder than any bear can nay say it, so I'm still extremely cautious with a pretty tight stop loss just one ATR above the last top.
Now we can only wait and see.
Now I think we might have a small drop from the upper part of the 10K to 12K range.
We had a bearish divergence with the biggest top on the 29 of July, not making a higher high on the STOCHASTIC and Ultimate Oscillator, this could mean a possible trend reversal.
Volume has been dropping off since the massive PUMP of the 27 of July, and momentum could start to shift in the opposite direction if more buying pressure doesn't step in.
Finally, we had a bearish Kumo Twist on the Ichimoku cloud, another possible sign of a coming DUMP.
Now, Bitcoin usually can PUMP harder than any bear can nay say it, so I'm still extremely cautious with a pretty tight stop loss just one ATR above the last top.
Now we can only wait and see.
Trade closed: stop reached
Lol GOT FUCKING REKT
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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.