If the weekly candle closes at or around the current price range, the weekly chart is showing some signs of weakness in the short term. Notice the big long wicks, as price wasn't able to stay above the previous all time high of April 2021, after trying to break out.
I don't think the bull run is over, so the downside target is somewhat conservative. If price comes down to my target, i consider this a buying opportunity as well to ride the next wave up. Wait untill the weekly candle closes, to validate this setup.
Disclaimer:
I am not a proffesional trader or investor. I post my ideas and analysis for fun only. This is not financial advice.
I don't think the bull run is over, so the downside target is somewhat conservative. If price comes down to my target, i consider this a buying opportunity as well to ride the next wave up. Wait untill the weekly candle closes, to validate this setup.
Disclaimer:
I am not a proffesional trader or investor. I post my ideas and analysis for fun only. This is not financial advice.
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I would personally manually exit this trade now, as the daily and 4H charts look to hold support at 56K. Since I've stated that I don't thing a bear market is starting to form, I won't take any chances to miss the next rally