I recently warned that BTC was approaching a key retracement level and that we should expect to see a rejection (see previous idea below)
Now we are presented with another opportunity to open shorts on BTC .
After a clear rejection at the 382 fib, price has pulled back to the neckline of a double top pattern that formed on a lower timeframe.
Seems like a lot of short positions were liquidated the past couple days (note the buy volume into the retracement)
If bulls can push through then will need to re-evaluate, but as long as price respects the 382 this is a short.
Now we are presented with another opportunity to open shorts on BTC .
After a clear rejection at the 382 fib, price has pulled back to the neckline of a double top pattern that formed on a lower timeframe.
Seems like a lot of short positions were liquidated the past couple days (note the buy volume into the retracement)
If bulls can push through then will need to re-evaluate, but as long as price respects the 382 this is a short.
