BTCUSD Short - Rising WedgeHi folks, I’m going to keep this one short and simple.
- There is this big rising wedge on Bitcoin that can be easily seen on the 12 hour time frame.
- Price is also at a critical resistance zone where I expect distribution.
- Bearish divergence can be seen on RSI and MACD.
- Market sentiment is starting to get overly bullish which typically leads to a correction.
I am looking to short from here with a stop loss just above 10,000.
1st target is at the 0.236 fib (around $9,000) but I am anticipating further retracement.
As you know I have been bullish since $6,500 and made the perfect call to go long in previous ideas seen below. I am still very bullish on the long term and I am prepared to close out my shorts as soon as it appears the downside is over.
Previous ideas:
