BTCUSD has seen slowed momentum this past week and has many hallmarks of the fabled 2013 crash I think are worth comparing. The similarities begin with an overthrow out of a bullish channel, the rebound of which begins a new channel. Price then ranges between the median and lower boundary line, the final test of the median line leads to a breaking out of the channel to the low-side. This is where we currently may be. From here we should look for a potential bounce off of the 0.5 Fibonacci support into the formation of a double top (may not happen). If it does this may be our first confirmation and an early short position could be taken. After that we rely solely on trend line supports, the first bounce here would be the safest short position to take. After this first bounce it's a slippery slope into a year long bear market. We have seen many 0.5 fib bounces throughout this bull run, so it is quite likely this is not the top and we continue up, but I think this is worth considering.
*This is not trading advice, merely my observations and ideas*
*This is not trading advice, merely my observations and ideas*
Trade closed: target reached:
First target reached
