I think this is a good short opportunity for BTC. It's about a 9.14 risk reward ratio. If BTC were to break down from here, we could have another sharp fall to the bottom of the channel like it has done twice before. This would be a significant correction of about ~33%. The indicators show bearish divergence and the price has fallen back into the channel. We are also in an ascending broadening wedge or megaphone pattern, which also tend to break to the down to the down side. Just be careful. I know there is a lot bullish sentiment, but be conscientious of a downside fall here.
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I may be reversing course here. The price has remained high and is forming a bullish pennant so I think a continuation to the upside is most likely.
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Due to my uncertainty to the direction of BTC, I'll be in fiat until BTC decides.
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We got our direction, which was down. This was a good lesson that took me a while to learn and one that I would like to share with you all. I saved money going into fiat at a time I was uncertain. Even if the price broke to the upside, I could have gotten in on the way up with a buy order on the break out. I wouldn't have made as much had I been into BTC early, but I could have lost a fair amount by staying in. The lesson here is you don't always have to be in the game, especially if you are uncertain where the market is headed. Trade the trend once you know its direction. Guessing can get you in a lot of trouble. You will have a lot more success by identifying the trend first, and then applying your technical analysis once you know the direction the price is headed.