Hello all,
Since bitcoin broke from 29-40k channel, we are in a strong uptrend. However, the price momentum showing weakness as daily RSI showing bearish divergence while the price going up. Looking at the fib level and previous breakout points, we are in a 3rd impulse point of Elliot wave which will end at 51300. From there we will see some corrective movement to 44k before making new higher high at 56k.
Conclusion,
Start short position at: 51k and cover around 44k
Long: open long position at 44k and sell at 56k
If you want me to analyze other stocks or crypto currency let me know.
Since bitcoin broke from 29-40k channel, we are in a strong uptrend. However, the price momentum showing weakness as daily RSI showing bearish divergence while the price going up. Looking at the fib level and previous breakout points, we are in a 3rd impulse point of Elliot wave which will end at 51300. From there we will see some corrective movement to 44k before making new higher high at 56k.
Conclusion,
Start short position at: 51k and cover around 44k
Long: open long position at 44k and sell at 56k
If you want me to analyze other stocks or crypto currency let me know.