As I said, this idea gets invalidated quickly but if we start to move up from here, keep it on your radar.
Good luck out there!
Otherwise bull trap plays out from here.
Full disclosure: My short position from 12190 is still active, I've closed some of the position to raise my entry price so my break even price is slightly higher now, I always find that to be good practice when a move goes my way quickly.
Am I still bearish? Short term yes. As long as we do not get above 12500-12600, my short position will continue.
Long term (next year or later) I'm gunning for 80K bitcoin so a larger pullback here is simply an opportunity for me to acquire more bitcoin. If we go lower in the long run, I'll hold on to my short for as long as possible.
I do not give financial advice and am not qualified to do so (I've had some PMs this week asking), this is simply a trading idea that's worked out well (so far), plenty of places the downside idea could fail.
That said, if my idea is to succeed, it could take a little more patience to play out than the speed of the up move so stick around and see how it plays out.
I'll update again as soon if anything interesting develops from here.