Overall, I am macro bullish, but bearish near-term as we've not had a significant correction since the bull trend resumed off of the summer's range lows.
Thesis for correction
I am currently long but am being cautious and preparing for a 15-30% correction within the near term. I'd prefer to revisit ~35K, ~$40K minimum, prior to challenging ATHs. The larger the trend continues without a strong corrective move, the larger the relative correction will be in the future.
This is of course my opinion and not financial advice. Do your owner research.
Thesis for correction
- Bearish Technicals: ascending narrowing wedge,'overbought' HTF RSI levels, and summer mid-range highs were never swept
- Market Sentiment: Moon bois have returned. Perfect opportunity to trap late arriving bulls
I am currently long but am being cautious and preparing for a 15-30% correction within the near term. I'd prefer to revisit ~35K, ~$40K minimum, prior to challenging ATHs. The larger the trend continues without a strong corrective move, the larger the relative correction will be in the future.
This is of course my opinion and not financial advice. Do your owner research.
Dagangan ditutup secara manual:
ascending narrowing wedge was invalidated as price action looks to be confined to an ascending channel.