sandipan.mch
Short

Cryptobears feasting on carcass of the bulls..!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITFINEX:BTCUSD             COINBASE:BTCUSD             BITSTAMP:BTCUSD             WEX:BTCUSD             This is a short term analysis on the back of a excellent double top formation in the 4 hrs             chart..
After the double top with progressive weakening volumes on the second top , a downtrend channel has started..
While i doubt if the neck of the double top will be retested, as the underlying bullish signature still paints the floor of action..
But the present down channel had 2 dramatic event, a symmetrical triangle breakdown and a descending triangle breakdown with bull trap..
But the mystical factor is the downtrend is having repeated ABCD patterns which are inherently bullish and poses a trade threat to the shorters in this weak price fractal structure on the 15mins chart...
So i believe the next abcd completion will mark the bullish take over from the potential reversal zone...
AS of now, i will have a bearish sentiment, which will change in course of the series of developments as we go down the channel
Also note the price momentum divergence...
Nice setup
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