🔸previously recommended shorting BTCUSD / short selling rips/rallies. Since August not much progress, we are stuck near 26/27k with extreme low volatility conditions.
🔸Bitcoin remains prone to further losses, since bulls failed to break overhead resistance near 28 000 usd, expecting limited upside beyond golden pocket level and therefore recommend to short selling rips/rallies near golden pocket.
🔸The price structure on the chart is weak we got a weak bounce off key s/r near 25 300 usd, however not much progress therefore expecting more losses and bears will likely take over soon. fresh overhead supply at 28 400 usd, bears will immediately target re-test of recent lows near 25 300 usd and subsequently after breakdown of key s/r level will hunt stops near 23 500 usd.
🔸Recommended strategy bears: focus on short selling rips/rallies near golden pocket, TP1 bears is 25 300 usd TP2 bears is 23 600 usd. good luck traders!
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limited upside going forward
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bitcoin market update short rips/rallies tp 23 500 usd
Looks like your first supply level worked beautifully. Even so, I think the bottom is in and we can reach 120k in this Cycle. Here is why I don't expect us to see a lower low anymore: