BTC has pushed its way up to the 200 simple MA on the 1D and it attempting to break it. At this moment it is struggling to push above 9000. Large Bearish Divergence is appearing on all timeframes but the most interesting to me is the RSI divergence on the 12h which is indicating of a possible trend reversal. BTC has gone up 30% since hitting 6500 and needs correction. I see two possible scenarios.
1) Bulls are able to get one final push to 9200 which will get rejected and indicate reversal as bulls will not have the strength to hold onto that area. Once rejected we will correct to 7.4-7.6k.
2) We consolidate here with bulls unable to push above the 200 simple MA and we reverse back to 7.4-7.6k
Both scenarios end in the breakdown of the large rising wedge from my previous idea. IF you want to short put orders between 9k-9.2k or wait for the breakdown at 8.8k to see if bears finally take over. Happy trading.
1) Bulls are able to get one final push to 9200 which will get rejected and indicate reversal as bulls will not have the strength to hold onto that area. Once rejected we will correct to 7.4-7.6k.
2) We consolidate here with bulls unable to push above the 200 simple MA and we reverse back to 7.4-7.6k
Both scenarios end in the breakdown of the large rising wedge from my previous idea. IF you want to short put orders between 9k-9.2k or wait for the breakdown at 8.8k to see if bears finally take over. Happy trading.