Bitcoin has rallied back further than I thought it would, but it is now in a way overbought situation, imho.
First, look at a 2day chart:
As you can see it is not only WAY over the 5th arc pair, it is almost at the end of setup. It is simply a scary proposition to hold btc here, imho.
But lets look also at the 4 hour chart:
The 4 hour chart is at a 3rd arc pair. This is a sell signal on the 4 hour chart.
BTC could, of course, surprise me by taking off for the moon as some have suggested ($15,000 btc anyone?). But at the very least I would suggest taking some money off the table here. The risk of correction is pretty darn high…
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.
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