Taking a close look at these candles on the 4hr it looks like a Bitcoin sandwich! I think this 4hr candle that just started will be interesting. I am thinking we break down and continue the local trend. It's been so BORING lately. Maybe that's about to change.
The overall structure on the 4hr is showing me a falling wedge. I think we will find support before we hit $25,000. If we break below the orange trendline then I would expect the .5 Fib to be a good reversal point, and then the previous ATH of around $20,000 after that. If we end up below $20,000 then we could fill that CME gap at $9800. Pffft.
On the daily chart I am seeing a descending triangle. For me this could be a bearish reversal pattern in the overall uptrend. Of course a continuation is possible, but I think less likely. I think we are likely heading down to find that 200 EMA between the .5 and .618 Fibs and from there we will start to move up again.
I think this is healthy and good for Bitcoin, and I'll be happy for the discount.
Owhoooo!
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I've entered into a short position, let's see how it plays out!
