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RE: Bitcoin rejected at 161.8 extension, RSI fails to confirm new highs
After such a big move, some consolidation is normal....I look at the top chart and see that huge green candle from a few days ago...that extended things quickly.
It pulled back to the zone of previous resistance....will it hold? If it does, we might be it blast through the 6200....
Profit taking made a lot of sense at around the 6000 range.
Yeah I'm kind of stuck because I'm trading with a CFD broker so they are shut, other wise I prop would of taken half at 62 yesterday.
And yeah looking at volume, this sell off don't have much in it compared to that big green one.
What is your intuition telling you. Major pullback by breaking down through support or do you think the bulls are still in charge and this is just a breather.
To me, it doesnt "feel" like a trend reversal....just profit taking after a big move up.
IMO it looked real nasty before on the 4H and Daily, but 4H will look good if this candle closes higher, which would make the daily look a lot better too. My gut says this wedge breaks higher not lower:
I think you're right and this doesn't feel like a reversal - false breaks -> reversals tend to be much more violent and decisive!
Especially reversals to the downside....to the upside they tend to be slower...but a top tends to see a hard and sudden movement south.
Yep, this BS is ongoing, but the lack of speed suggests consolidation rather carnage. Potential bull flag on the hourly:
Not sure if you are based in the US or not, but if not, you should have a crack in my demo trading/investing comp