Short

Updated

Rising wedge breakdown + retest

It couldn't be more obvious. But sometimes the composite man will make it seem obvious just to rekt everyone later, so trade carefully.

With the current market status (a parabollic move that got halted with CME futures launch) and all the uncertainity going down seems the only path forward.

The rising wedge was a text book one.

Gets built straight from the bottom of a sharp move down
Only goes as high as 61.8% retracement of the move down
Descending volume on wedge
Increasing volume on breakdown
Breakdown at 70% of the complete structure

Other technichals supporting the move down:

3d, 6h and 1h Macd bearish crossover
4h, 6h and 1d StochRSI bearish crossover
RSI in every meaningful TF is reseted and with room to go down
High TF's head and shoulders
Inability to bounce clearly

And last but not least lets recapitulate bear fundamentals:

Tether printing machine
Bitfinex wash trading machine
Korea crackdown on bitcoin
Institutional investors lack of interest in bitcoin regulated derivatives
High transaction fees (median fee per tx reached and ATH over $30)

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That was really close to be stopped.
I took profit of what seems a bull trap to increase my short size above 16k.
My stop still remains over 17k.

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Covered here (14300) what i added above 16k. Posting chart soon.

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For those that think my bearishness makes me blind, this is for you:
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.

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Sorry for the massive amount of lines. i will clean it before publishing it as an idea, but they were needed to build the chart. I wont publish it as an idea until we break down. but this is the new wedge and the new targets.

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The wedge keeps HODLING. He knows.

Breakdown will eventually happen it is just too soon.

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It seems bitcoin wanted so bad to break down. First 4h close below the wedge just happened. Still hodling the original short but not going to add in this breakdown yet. will do it after a succesful retest if there is any.

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The retest would be this. But im not opening more shorts yet, i still feel this was just a fakeout in low tfs and Daily Will close inside the wedge again

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As expected the daily closed again inside the wedge

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.

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At this point i dont think we are going to have any bounce prior 10k

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And this would be a potential playout

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Bitcoin trying to breakup.
Let's see if we find a bit of volume soon

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And here came a bit of volume.

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Most bearish scenario i can dream of

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I keep riding this, but going to probably keep my movements updated in here

A good analisys on btcusd uncertain future

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Wedge target 1, REACHED

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Already in nice short are.

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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.

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Target 2 reached

I'm closing around here for now.

Trade closed: target reached

All targets reached and price bounced.
Looking for new shorts in the 10.9k-12.4k

bagofXMR

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bagofXMR

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