đ¨ăJourney to the West Traderâs Logă$BTC 74835ďźA selling-pressure exhaustion signal has appeared. Although historically itâs up 155%, donât get carried away in the short term!
Seller exhaustion â immediate breakout. After a historical gain of 155%, it often first drops a waveâdonât get caught at the finish line before dawn.
Current BTC price: 74835. On the 1-hour chart, price is hugging the upper Bollinger Band at 75767. RSI 84.14 is extremely overbought, and the MACD momentum bars around the zero line are shorteningânear-term upside runs look weak, and profit-taking could surge at any moment.
News: 21Shares posted that the seller exhaustion indicator has fallen to a historical low in the 0.3% range. In the past 10 similar signals, the average gain one year later was 155%. But institutions also clearly statedâthis signal does not confirm the bottom. Short-term selling could continue.
The bullish news from Trumpâs call and two consecutive days of heavy ETF inflows has already been fully priced in. Chasing longs above 75000 offers very low risk-reward.
Personal view: The medium-term bullish thesis remains intact, but the short-term is severely overbought. 75000â76000 is a strong resistance zone. At least one decent pullback is needed to digest profit-taking before the move can go further. Those lots chased at 72000 are currently up about 3000 points and could dump at any time.
Strategy: For the aggressiveâtry shorting around 75000â75500. For going long, wait for a pullback near 73000 before considering it.
A historical +155% is a fact, but a short-term -10% is also commonâwill you chase the price, or wait for the pullback? Follow Tang Seng and click into the chatroomâsee you in the comments! đ#BTCçŞç ´$72000
Seller exhaustion â immediate breakout. After a historical gain of 155%, it often first drops a waveâdonât get caught at the finish line before dawn.
Current BTC price: 74835. On the 1-hour chart, price is hugging the upper Bollinger Band at 75767. RSI 84.14 is extremely overbought, and the MACD momentum bars around the zero line are shorteningânear-term upside runs look weak, and profit-taking could surge at any moment.
News: 21Shares posted that the seller exhaustion indicator has fallen to a historical low in the 0.3% range. In the past 10 similar signals, the average gain one year later was 155%. But institutions also clearly statedâthis signal does not confirm the bottom. Short-term selling could continue.
The bullish news from Trumpâs call and two consecutive days of heavy ETF inflows has already been fully priced in. Chasing longs above 75000 offers very low risk-reward.
Personal view: The medium-term bullish thesis remains intact, but the short-term is severely overbought. 75000â76000 is a strong resistance zone. At least one decent pullback is needed to digest profit-taking before the move can go further. Those lots chased at 72000 are currently up about 3000 points and could dump at any time.
Strategy: For the aggressiveâtry shorting around 75000â75500. For going long, wait for a pullback near 73000 before considering it.
A historical +155% is a fact, but a short-term -10% is also commonâwill you chase the price, or wait for the pullback? Follow Tang Seng and click into the chatroomâsee you in the comments! đ#BTCçŞç ´$72000