BTCUSD showing weakness on higher TF
Disclaimer: this is my first idea on tradingview.
Despite showing some strength in lower TFs, BTC price appears to be topping out here, as evidenced by an imminent bearish signal line crossover on the 8H MACD. I forecast a substantial price drop in the next day or so, especially since the stochRSI is also showing that it's about to go over a cliff.
My plan: Looking to reload at a major support level below when multiple indicators signal a potential bounce or reversal.
Alternatively, looking to buy in (possibly with a stop) if the opposite scenario unfolds and the price unexpectedly goes up.
It has been a great run but all good things must come to an end.
Remember, the market works in cycles, just like everything else in the universe.
Bitcoin's time to shine will come again.
Despite showing some strength in lower TFs, BTC price appears to be topping out here, as evidenced by an imminent bearish signal line crossover on the 8H MACD. I forecast a substantial price drop in the next day or so, especially since the stochRSI is also showing that it's about to go over a cliff.
My plan: Looking to reload at a major support level below when multiple indicators signal a potential bounce or reversal.
Alternatively, looking to buy in (possibly with a stop) if the opposite scenario unfolds and the price unexpectedly goes up.
It has been a great run but all good things must come to an end.
Remember, the market works in cycles, just like everything else in the universe.
Bitcoin's time to shine will come again.
Penafian
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