With the current market status (a parabollic move that got halted with launch) and all the uncertainity going down seems the only path forward.
The was a text book one.
- Gets built straight from the bottom of a sharp move down
- Only goes as high as of the move down
- Descending on
- Increasing on breakdown
- Breakdown at 70% of the complete structure
Other technichals supporting the move down:
- 3d, 6h and 1h crossover
- 4h, 6h and 1d StochRSI crossover
- in every meaningful TF is reseted and with room to go down
- High TF's
- Inability to bounce clearly
And last but not least lets recapitulate bear fundamentals:
I took profit of what seems a bull trap to increase my short size above 16k.
My stop still remains over 17k.
https://www.tradingview.com/chat/m/10aff0bec0534fcf80a3f19330e9995d/ (long 13800 x20 leverage 13200 liquidation)
Covered with over 100% profit :joy: I'm a crazy motherfucker hahahahahahaha
Okay now lets think about reloading shorts. The chart is coming but doing so many things at the same time.
Breakdown will eventually happen it is just too soon.
Let's see what happens in the next hours. But i bet we will confirm the fakeout and proceed to the last phase of the bitcoin "back to normal" bull trap.
At this point i dont think we are going to have any bounce prior 10k
Let's see if we find a bit of volume soon
There might be another push up to the breakdown level that wasn't reached yesterday night.
I have some short orders in the higher end of the short area ready to get filled if there is a wave up left.
I'm closing around here for now.
Looking for new shorts in the 10.9k-12.4k
But if we are facing a bubble burst or there is any black swan event (eg. failure of Tether/Bitfinex or South Korea/UK/EU/USA regulators crackdown) it could be quicker than expected.
I dont think timing the drop is easy so I am already loaded on shorts. I will go through to any necessary choppiness until we eventually break hopefully down.
And if you want to see how this black line is looking in a higher tf, check this
So this is just a guess that we will have a bit of sidelines in here before going into panic/blood mode again.