We're currently at a big resistance level - right under the daily Kijun line. As you can see marked in my chart, it acted as a strong support during the bullrun, and when we brok down for it, it turned into a pretty strong resistance. I'd not be longing here. The risk/reward ratio is not very good. A clean break through it could sent us right into the 10,000 mark - so I'd wait until we break it to build a long position. Signs of being overbought on all timeframes make me think we could drop down to the 8,400-8,500 level before moving up again - a few bear divs on higher TFs, as well as signs of loss of momentum across most TFs. On the other hand, we're above the super guppy on the daily, which is a clear bullish sign and does not happen frequently.
TL;DR: a lot of mixed signals. I'd stay away untill we either retrace under 8,600 to put in a big long position (I'm buying all the way down to 7,700) or wait for a clean break through the Kijun line to do the same. Shorting seems very risky as well, at least for now. It's clear whales/algos are up to something on this price action.
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