BTC | 6K

This is a wild trade.

Short position: $9,944
Target: 6K
Risk Ratio: 2

Good luck.
***Disclaimer: This is a technical analysis not a financial advice.

Comment:

When I see this hammer showing up in the weekly chart, I was out and I start to draw these descending triangles.

So far it comes back and retest the first descending triangle. The second descending triangle will take us to $1,000 range.

Institutional investors will not enter this market until we see the monthly rsi showing oversold.... In the long term I am remaining bearish. In short term I may swing back and forth in 7k-12k range.

That's all I have. Bye now.

Comment:

They just burned 370 million Tether. This is NOT very sign for BTC. Prepare for a dump.

Trade active:

Next stop 7.5K.

Comment:

I leave it here. Something to think about.

Protect your money.

Trade closed: target reached