...and the reason is the count I am presenting you since weeks already. 5 waves building a first impulsive wave of major grade:
We are already in the range of the major resistance, painted in blue, and the RSI on the 4-Hours chart is presenting an overbought condition again.
In my opinion, we are witnessing the end of the 5tw wave as I said and the most likely scenario, but not the only one of course, is that we start soon a correction in search of the 2nd wave (Number-in circle).
A bigger picture can be seen on the daily chart:
The Volume sustains the growth of the price but I think buyers are decreasing a little bit in intensity while RSI is touching the overbought condition again there.
Also the 50-Days Moving Average (50DMA) has not crossed the 200 Days Moving Average(200DMA) so we cannot confirm a reversal, still... but we are close...
In my opinion, we might have another great opportunity to buy BITCOIN around 8500 USD which corresponds to the current 61.8 FIBO level of possible retracement...
Which is your strategy? Are you buying, selling or simply observing?
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted via Steemleo
Observing as I am all-in on STEEM xD
STEEM will explode after, will see.
Have a !BEER while observing ;-)
Haha cheers to that!
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Yes, and when encircled wave 3 reaches wave I, just below 20k, we're still not out of the woods. Theoretically, it could be a B-wave: unlikely, but possible.
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We're out of the woods. Note ETHE (the stock symbol) is trading at 75, or 3.7X intrinsic value. This only happens if a run up is coming.