Better to wait a bit

7 Mar

Morning folks,

So, on Monday we've sent relatively modest target - around 65.5K, it was completed.

Now BTC stands at weekly overbought and strong upside continuation is hardly possible immediately. Still, intraday scenarios are also not perfect. At first glance, on 4H chart, with the grabbers aboard, we could count on tactic downside deep. But, on 1H chart (not shown here), price performance is not quite bearish.

If we consider bullish position instead, we could take it only when grabbers will be erased, but this put entry level too close to the previous top that is upside target for now, because BTC is at overbought.

Thus, both scenarios are not perfect and care higher risk than usual. That's why our conclusion is to wait...