Market appears to be overbought on halving hype.
We can estimate how overbought by comparing current price to the point of control (POC; the price at which highest volume was traded) for the past year, which is $8000.
Price reached a high of 9481, which is $1481 above $8000 (yellow price measurement)
Projecting that price difference down from 8K gives a target of $6500.
Side: Short
Entry: 9249.0
Stop Loss: 9501.0
Target: 6721.0
RR(BTC): 13.39
RR(USD): 10.03
We can estimate how overbought by comparing current price to the point of control (POC; the price at which highest volume was traded) for the past year, which is $8000.
Price reached a high of 9481, which is $1481 above $8000 (yellow price measurement)
Projecting that price difference down from 8K gives a target of $6500.
Side: Short
Entry: 9249.0
Stop Loss: 9501.0
Target: 6721.0
RR(BTC): 13.39
RR(USD): 10.03
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Short term
