Forget about price one important factor to inclued in technical analysis that traders oftern forget is time!
Historically Bitcoins Peak descending triangles consolidate in the range of 70 - 90 days
before breaking down
Current triangle at this peak has consolidated for 77 days already so high likelyhood of breakdown
I know ive been flip flopping every other day bet it seems that theres a rapid capital outflow of money from bitcoin
to altcoins that alone adds selling pressure among other things considered ( high open interest and funding favoring shorts in the futures market)
If bulls really have what it take to take this to 11k now would be the time...
Otherwise the pressure can mount and lead to cascading liquidations
PS: i aborted all longs and padded on a short with conservative leverage..
Historically Bitcoins Peak descending triangles consolidate in the range of 70 - 90 days
before breaking down
Current triangle at this peak has consolidated for 77 days already so high likelyhood of breakdown
I know ive been flip flopping every other day bet it seems that theres a rapid capital outflow of money from bitcoin
to altcoins that alone adds selling pressure among other things considered ( high open interest and funding favoring shorts in the futures market)
If bulls really have what it take to take this to 11k now would be the time...
Otherwise the pressure can mount and lead to cascading liquidations
PS: i aborted all longs and padded on a short with conservative leverage..