BTC seems to be approaching the critical zone of the 3.2-3.4k region. I have been very accurately calling these lower highs after lower highs through out this bearish period, and I believe a break of this structure will result in massive selling, which will probably not stop at 2.8k if this level is breached.
I am still holding shorts from the 3700 level, but have taken off most of the profit at the 3.4k level I mentioned as a great TP profit zone for shorts.
This is still not a bad level to short, with a stop loss above 3600, reward is great if we break the daily bullish order block (3200-3400 daily OB).
Short level: 3520
Stop loss: 3600.
Target Profit: 3200
Comment
⋅
I see parma-fools and trolls getting excited on this 30-50 point "bull run".
Reminder to study basic, elementary trading patterns and you will quickly learn BTC is in a rising wedge with heavy resistance up above. Until BTC gets and closes above the 3.8k level, I will continue to point bearish targets per my analysis.
We got enough bears in the market. Nobody wants to what we can see it on the chart already. Trend is down regardless what you think or write. If you can tell us something different then you are considered good TA.
@GustavoBrucestavo, Thanks. I am not putting too much faith it will be a straight road below 3.4k, as a lot of YouTubers and twitter traders are now pointing out what I have been pointing out for a month (many people are now looking at the same thing), which makes the trade obvious, so we might see a spike to re-test the 3.6k level before any continuation.