Bitcoin: 3 Bearish Opportunities approaching

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I got asked the other day about Bitcoin             and what I thought about recent price action. When looking at the timeframe all that comes to mind is consolidation and bearish . As we've seen on the AUDCAD             over the past few weeks (as it's nailed 4 straight cyphers) consolidation breeds patterns.

I see 2 potential patterns here on BTCUSD             the first being a bearish bat (yellow) and the second being a bearish cypher (red) Stops for the bat pattern will be well before the cypher completion so there's no need to worry about choosing one over the other.

Before both of those potential patterns we also have a CTS             based trading opportunity at the bat pattern "B" leg. At that level I'm seeing a potential ABCD completion, the RSI is already overbought, there's structure looking left and we have some fibonacci confluence . So not a bad opportunity. Waiting for a conservative reason for entry would make it an even better opportunity for you lower timeframe traders.

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