It seems as though btc has lost steam on it way to the top of the bear channel with an ominous red ichi moku cloud lurking above. In my opinion BTC will not break through that cloud at this time; However, I could possibly see a bounce at 9k then a break of the bear channel (if my wave 3 is wrong and the 5 wave has actually finished). Which In turn would break the down channel while in the red cloud itself, signaling a big volume breakout. Otherwise, I see targets around the of 5k; worst case scenario, 3k level. Until then, I would open a small short on our way to 9K with a stop loss at 12-13K to pocket some profits until we can navigate these crypto waters further.
Trade active:
BTC on track to test our first target of 9k while trading within a very clean bearish channel on the smaller time frames. Look to add to your short positions while at the top of the channel with stop losses just out of reach above in case of a false break.