This is your weekly update!
Sometimes it's really hard to stay focused on your own strategy, when lots of ALTS are flying! If you have some money spend in GRAZZP AI you will know what I mean.
This strategy (GRAZZP) is on the other hand more focused on growing while having a relative safe play and that means that we are not all in, all the time like GRAZZP AI.
Lets recap what happened. Price has hit the 52.250 dollar target of previous week and now it looks like price could come down. Not sure if this will be the start of a bigger pullback, or that we still get one more push up. I have to follow my own strategy based on technical analyses, because it has proven to be correct, many times. It shows it's time to have (at least some) correction.
How does the 1D chart look like today?
Cloud is green
Price is above the green cloud
Price is above the red line
The red line has crossed the blue line, which means price is back in its upwards trend.
Lagging span (green line) is above the green cloud.
All of the above is bullish, but.....
Price is in the overbought zone (above 70), and on the 4H chart there is strong bearish divergence.
On the lowest indicator of the chart, 9 red crosses are created including a dot, meaning price is starting to reverse.
Any price above leg 3 (49.318 dollar) could be the end of the total leg (leg 1 to 5) and we have reached exactly that level.
What could be the Target?
Even if price would go up, the upwards potential looks limited. I am aware that what I'm saying is not the popular opinion, but I think we could go down to at least 44K (the gray FVG). After that we can decide what's next (invest and go full in, or wait a bit more).
What does this mean for GRAZZP™ Strategy?
As you can see, I'm still betting that price of $BTC is going down. The other view on the topic is that lots of traders are expecting this also. Therefore $BTC does exactly the opposite to find liquidity (their stoplosses).