BTC Bitcoin: Is the Great Ponzi finally running out of steam?
We notice here a rejection off the 4200 level on Bitfinex, a rejection of the previous high (no higher high) and also a rejection of the bull flag pattern.
I can see a double top forming and momentum dropping strongly to the bear side and a revisit to the mid 3k level.
Short positions are down significantly compared to long position, so there is more incentive for a big player to profit off the cascading longs on a dump.
Short level: 4100-4200
Stop loss: 4260
Target profit: 3600
I can see a double top forming and momentum dropping strongly to the bear side and a revisit to the mid 3k level.
Short positions are down significantly compared to long position, so there is more incentive for a big player to profit off the cascading longs on a dump.
Short level: 4100-4200
Stop loss: 4260
Target profit: 3600
The oracle has spoken