it isn't time yet.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
i took a closer look at this recent rally, and i can't help but feel like something is off about it. my intuition is telling me that this is yet again another phase of distribution before the deeper drop to lower lows.

it would explain the unusual volume spikes in this 34k range.


my downside projection sits at 25.5k as of this morning, and until the charts tell me otherwise - this will be my primary count going forward.

i could be wrong, but i have to trust my intuition on this one, as it is what got me here in the first place.

we could make one last push to about 36.2k, but the probability of that is very slim as of this moment.

i started layering in shorts as of this morning, and will continue to do so until i am proven wrong.


ps. i talked about this scenario not too long ago, and this false break out of this wedge is the ultimate trap to anyone who doesn't see it coming. i have seen this scenario play out so many times on the smaller timeframes, so i just felt like sharing my opinion on this with you all.

Comment: maybe we only stop at 27.7k (the organic w5 algo target).

this will be the first area i attempt to take a leveraged long position.

if i am correct, this move should begin in the next 24 hours, and see completion into early august.

ps. i am very bullish on crypto, but not until this correction is over.

Order cancelled: my bearish ideas were all invalidated. looks like i'm done being a bear.

should see new highs by christmas from here.