We are now approaching the resistance of the biggest bearish pattern that we had on bitcoin since the huge falling triangle of 2018 broke down, and this pattern is now so mature that it's now more likely than ever to be the last time it touches this resistance, possibly right before we have the real dump to 8k-7k and below.
The target for a triangle this big should be around 4.8k if i remember correctly, but on the log scale i think it was at just about 6k or somewhere in that area..
I have been shorting every top I could, and while one or two of my positions might end up getting liquidated by some bullshit green wick I will still continue to place more and more short orders because I think that bitcoin is way overdue for a correction, it cannot ignore the basic rules of price action for this long, and this insane unexplained unsustainable run from 3k to 14k was not ever going to be a simple light switch that can just turn on the crazy bull market again with complete disregard for time that needs to pass..
My advice(not financial advice)is to short from the green box with low leverage and from those two resistance lines with a bit more leverage, and I really think riding this dump is very likely to end up being the best short position of the entire year.
The target for a triangle this big should be around 4.8k if i remember correctly, but on the log scale i think it was at just about 6k or somewhere in that area..
I have been shorting every top I could, and while one or two of my positions might end up getting liquidated by some bullshit green wick I will still continue to place more and more short orders because I think that bitcoin is way overdue for a correction, it cannot ignore the basic rules of price action for this long, and this insane unexplained unsustainable run from 3k to 14k was not ever going to be a simple light switch that can just turn on the crazy bull market again with complete disregard for time that needs to pass..
My advice(not financial advice)is to short from the green box with low leverage and from those two resistance lines with a bit more leverage, and I really think riding this dump is very likely to end up being the best short position of the entire year.