Previously I issued a revised outlook for shorting BTC, but the range was less clear due to limited trade evidence so we exited the trade a few weeks ago (end of Jan):
Now the trading range is a lot more clear. We can see a large continuation pattern emerging along the definition set by the overall trend (large wedge pattern on the weekly). We can short the market at this range ($3800-$3900) or wait for confirmation at $3319 to roll with breakout momentum. We can also use a mixed method approach by shorting at both locations.
Keep the overall forecast in mind:
Less accurate, but still important, keep the long-term trend in mind:
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FYI - price could rally a bit further from here:
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Nice candle for the bears as of this morning.. There is still some room for up in this pair, but it will only make shorting a bit annoying. A close of the daily candle at this level will wreck the weekly candle and should spark continuation we are looking for in this market. THOSE WHO HAVE GONE LONG: This market has shown ZERO technical signs of reversal. ZERO. At best this was a consolidatory range to swing trade up and down, but not leveraged accumulation for some kind of magic 60k shot from here.