Retrace to 5500-5300 on BTC
We have been in overbought territory on the daily for quite some time, now we are overbought on weekly and the move became so parabolic I don't see it being sustained for much longer. Bitfinex is trading at a discount, bitmex funding returned to 0.01%, so this may be the end of current rally. Be advised though, shorting parabolic moves is very dangerous and volatility is high, so if you are not experienced, don't. Better buy the dip when we correct.
In red you can see the 50 weekly moving average, I extrapolated it's path so we can guess where a retest can happen if it is to come. It coincides with a 0.5 fibonacci retracement of the whole move from lows.
Correction aside this was a very bullish move, which tells us that the bearmarket is definitely over, so plan accordingly. We may not see the levels we wanted a retrace to.
PS: If you short here, I'd take 10-20% off at 6400, another 50% at 5800 and the rest at 5300 if it comes.
In red you can see the 50 weekly moving average, I extrapolated it's path so we can guess where a retest can happen if it is to come. It coincides with a 0.5 fibonacci retracement of the whole move from lows.
Correction aside this was a very bullish move, which tells us that the bearmarket is definitely over, so plan accordingly. We may not see the levels we wanted a retrace to.
PS: If you short here, I'd take 10-20% off at 6400, another 50% at 5800 and the rest at 5300 if it comes.
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