บิทคอยน์

BTC, short term correction

In my opinion, this bitcoin rally is almost over. The RSI shows a lot of weakness and bearish divergence on the 4h, 3h, 2h, 1h and 30 minute timeframe. Besides this the buy volume is not increasing but decreasing while the price is increasing, this gives also an indication that a trend is likely to reverse. I also do not see any reason why this is a legit bounce, all volume and price increase was mostly concentrated in 30 minutes of this move, I rather see this as a short squeeze than a legit bounce. I am not saying bitcoin cannot break out, but I am very skeptical at the moment while others are already in euphoria. Do not cheer to to early and please keep profit taking in mind. Something does not go straight up unless it is completely illiquid shit.

PS: the five wave may not be over and can try another rally towards $8200-$8500 levels, in my opinion this is very unlikely.

Please let me know what you think, I am open to other people's ideas, views and feedback as well!

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