Is it finally time to short Bitcoin (Shooting S., Wedge, DT.)
Updated
Shooting star candle on D1... We should create a lower high today and that will trigger a big drop of about 1000 points in the coming days. 5 green daily candles in a row. Not sure this looks so strong for the near term.
Forming a bearish wedge in the next 30 days or so. Short term target is bottom of the wedge. Stick to the stop loss above previous high.
Short term target is the fib level, and rising trend line of the wedge. Very high R:R on this trade.
Going by the Bitfinex chart, we've reached the exact target of the continuation triangle already (height of the triangle).
On Bitmex, it's a little sketchy, but we can almost see a bigger bearish wedge structure emerging. This also becomes much clearer if we use the H4 and see that yesterday's shooting star could be a false breakout of this. Pretty bearish if you ask me. If it breaks down tomorrow, the target would be about 8250.
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Forming a bearish wedge in the next 30 days or so. Short term target is bottom of the wedge. Stick to the stop loss above previous high.
Short term target is the fib level, and rising trend line of the wedge. Very high R:R on this trade.
Going by the Bitfinex chart, we've reached the exact target of the continuation triangle already (height of the triangle).
On Bitmex, it's a little sketchy, but we can almost see a bigger bearish wedge structure emerging. This also becomes much clearer if we use the H4 and see that yesterday's shooting star could be a false breakout of this. Pretty bearish if you ask me. If it breaks down tomorrow, the target would be about 8250.
Please don't forget to leave a like!
Note
Looks like we got a higher high after all, but it's still a big daily wick. Not sure what kind of games are being played here but it's best to be a little cautious now.
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Could be an interesting close today. Very much expecting a lower high this time as the trend line seems to be holding as resistance, but we also tested the .5 fib level with a wick down. So if we close above 9100-ish then it could still be in favor of the bulls.
The bearish scenario would be that yesterday's higher high was a stop hunt/ bull trap, which is what I believe. But it does seem like bull are just massively persistent the last few days and possibly people are starting to FOMO in.
Note
Parabola line broken.
itshappening.gif
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this indecision could turn price into a small wedge. But it seems whales can just move this marker wherever they like to try to stop hunt people. Which side wins will determine which way we move after enough positions on the same side have been knocked out, so they are forced to buy back in and FOMO at a higher price. So my stops recently have been relatively wide.
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