I'm quite surprised that nobody is mentioning that BTC is actually forming a triangle.
Everyone is calling this a flag, while remaining quite bullish short term.
Now, im not calling this as a trade, im already short since the previous high, but this has the potential to go down hard.
Look at 2017 triangle, 2019 triangle. Both tops grinded around an "unbreakable" support before collapsing from a triangle.
The narrative of BTC's halving has never been bullish for short term. Yet people still think it's bullish this time.
I'd think twice before entering anywhere here, and let it break structure first.
Everyone is calling this a flag, while remaining quite bullish short term.
Now, im not calling this as a trade, im already short since the previous high, but this has the potential to go down hard.
Look at 2017 triangle, 2019 triangle. Both tops grinded around an "unbreakable" support before collapsing from a triangle.
The narrative of BTC's halving has never been bullish for short term. Yet people still think it's bullish this time.
I'd think twice before entering anywhere here, and let it break structure first.
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So far it hasn't even touched a min wave 3 retracement on log which is very unlikely.
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I took a small hedge long aiming for the 67300 high, for a potential stop hunt. The HTF play is still down.
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Fantastic drop, careful for spikes up. This should cruise to target on the second drop.