TIME FOR A HEALTHY PULL BACK.
$BTC has found its short term trading range between $40,000 - $52,000. Everything in the chart is indicating that it’s time for a slowdown.
1. $BTC is overbought.
2. Just broke the local all time high followed by a quick rejection to the downside.
3. Several rejections from the $52,400 area.
4. Declining volume.
5. Hitting a strong resistance area from 2021!
#Bitcoin will continue its rise but it never goes up in one straight line, healthy pull backs are essential for the market and this is where money is made even when the market decides to take a rest.
Opening a short trade at $51,700 with a SL at $53,250.
TP is sitting on the #Fibonacci .618 at $47,425 giving a total 8% profit.
Always move your SL into profit or at least break even once 2% in profit.
