BTC Short dont fall for the bull trap!
If we observe BTC's response to the parabolic trend lines that have provided the basis for this run from 3k to 14k, we can easily see a pattern emerge in regards to its behavior.
We've had a continual pattern of falling through the PTL, bouncing off the next one down, and coming back up to retest and fail, the previous resistance of the proceeding trend line.
This also coincides with several other confluent factors that I believe are of importance.
1. We have a falling wedge pattern with an upper trend line that BTC has respected thus far.
2. We have firm rejection at the .382 fib level
3. We have another lower high from 13800, to 13200, to 11200, to 10900.
4. The bottom of this falling wedge coincides with a key support level that also happens to be around the 8500 CME gap that has yet to be filled.
5. The C leg of a WXY pattern would also lead us directly to tthe 8500 level.
Reccomendation, based on BTC response to key levels at 10650, look for a short opening and ride it down!
We've had a continual pattern of falling through the PTL, bouncing off the next one down, and coming back up to retest and fail, the previous resistance of the proceeding trend line.
This also coincides with several other confluent factors that I believe are of importance.
1. We have a falling wedge pattern with an upper trend line that BTC has respected thus far.
2. We have firm rejection at the .382 fib level
3. We have another lower high from 13800, to 13200, to 11200, to 10900.
4. The bottom of this falling wedge coincides with a key support level that also happens to be around the 8500 CME gap that has yet to be filled.
5. The C leg of a WXY pattern would also lead us directly to tthe 8500 level.
Reccomendation, based on BTC response to key levels at 10650, look for a short opening and ride it down!
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