BTC Short opportunity

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The cross BTCUSD is still in a bear channel headed once again for 1st and 2nd support area .

As a further signal of the market being bear you can see how prices are trading lower than both 50 and 200 EMA .

The market is currently on wave 3 with a possible pullback to 9,5-10k area before hitting the second support at around 5,5k.

Overall I don't think anything above 12k is possible given such conditions.

Trade active
Comment: Approaching the second support.
Levels to watch, 5,7k-5,5k and 3,4k

Given the magnitude of the fall a pullback to 9-10k area seems unlikely.

Comment: A possible retracement due to an H&S pattern may be developing as of now. Consider this a minor time-limited retracement. The H&S won't revert the pattern and, overall, the market keeps being bear.

9,0k-9,1k could be a feasible exit point

this is the end.
SteveEnnom Ethernal27
@Ethernal27, agreed. Hope people can get out till they can.
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