BTC Short Term Bearish Trading Signal Forming
Updated
Possible Ascending Triangle formation is violated now and has mutated into a Double Top in the making.
If it breaks through 4800 to 5000 range, then a retest of the local lows at 4500 and 3700 might be in the cards over the next week. It could even go lower than 3700.
Only thing that can be said now with any degree of certainty is that the weekly will most likely not close above 6300, which is what would have been necessary for the quick capitulation narrative to play out. That is, unless it rallies 1000+ points in the 2 hours between the start of CME trading at 17:00 Sunday CT (-0500 GMT, so that's 22:00 GMT) and 0:00 GMT Monday. Anything can happen.
If it breaks through 4800 to 5000 range, then a retest of the local lows at 4500 and 3700 might be in the cards over the next week. It could even go lower than 3700.
Only thing that can be said now with any degree of certainty is that the weekly will most likely not close above 6300, which is what would have been necessary for the quick capitulation narrative to play out. That is, unless it rallies 1000+ points in the 2 hours between the start of CME trading at 17:00 Sunday CT (-0500 GMT, so that's 22:00 GMT) and 0:00 GMT Monday. Anything can happen.
Trade active
Shorted on Ascending Triangle failure at around 5350.Note
Correction: That was 5450, not 5350.Note
Another Ascending Triangle violated at 5200. Next stop is around 5000.
Note
5500 level has turned into strong resistance. Looking for a bounce off of 4800 or 4900 and a retest of 5500 with momentum. If it goes below 4800, game over for BTC bulls.
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