I'm a beginner doing some TA, but you gotta start somehwhere so here we go.
BTC had a MASSIVE amount of money pumped into the system in the past week after a consolidation period. Market sentiment is that the bull market is back from its hiatus from earlier this year.
If you are thinking about going long, you may want to wait for a better price. We just seemingly completed a 5 wave series and are due for a correction. Evidence for a correction are as followed.
As you can see, we have bearish divergence on the RSI as shown by the orange arrows, as well as being overbought.
We are also in a rising wedge pattern which during an uptrend means a reversal.
And now for some speculation. If we correct the way I have drawn it out, it will also create a Head and shoulders pattern which would have the potential to hit around the 0.618 retracement of the 5 waves.
However, if the market is as bullish as it seems it may not make it to the 0.618 and instead only correct to the 0.318 zone.
I have my buy orders laddered and increasing in size starting at the 0.382 up until the .50 zone.
As I've stated, I am a beginner so any comments are appreciated or if there is anything I missed I would love to hear feedback.
Thanks for reading and happy charting!
BTC had a MASSIVE amount of money pumped into the system in the past week after a consolidation period. Market sentiment is that the bull market is back from its hiatus from earlier this year.
If you are thinking about going long, you may want to wait for a better price. We just seemingly completed a 5 wave series and are due for a correction. Evidence for a correction are as followed.
As you can see, we have bearish divergence on the RSI as shown by the orange arrows, as well as being overbought.
We are also in a rising wedge pattern which during an uptrend means a reversal.
And now for some speculation. If we correct the way I have drawn it out, it will also create a Head and shoulders pattern which would have the potential to hit around the 0.618 retracement of the 5 waves.
However, if the market is as bullish as it seems it may not make it to the 0.618 and instead only correct to the 0.318 zone.
I have my buy orders laddered and increasing in size starting at the 0.382 up until the .50 zone.
As I've stated, I am a beginner so any comments are appreciated or if there is anything I missed I would love to hear feedback.
Thanks for reading and happy charting!