Correction Overdue
The daily candles perfection bounced off the long term downtrend line at 42.5 ish level. This will be the second red candle after more than a week of green. Here's why I think we'll have a correction soon.
> It should also be noted that RSI on daily is overbought.
> There is bearish divergence on the 4hr time frame.
> Volume declining since the Amazon pump
> Rising wedge forming on lower time frame and price facing a strong resistance of 42k.
It is still to be seen whether it will be a huge dump or a small correction which allows the price to break higher.
I'll be targeting these level for a potential buy opportunity.
>35-36k
>33k
> It should also be noted that RSI on daily is overbought.
> There is bearish divergence on the 4hr time frame.
> Volume declining since the Amazon pump
> Rising wedge forming on lower time frame and price facing a strong resistance of 42k.
It is still to be seen whether it will be a huge dump or a small correction which allows the price to break higher.
I'll be targeting these level for a potential buy opportunity.
>35-36k
>33k
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