Once the Phicube MIMAS 144 and 305 (pointed by the red arrow) started to be displayed on the chart, the probability of the downtrend continuation increased.
The Santo Indicator shows that the MIMA 34 (light blue) has enough power to hold that downtrend as well.
So, I believe that the price is going to make new lows, aiming to target the $5750 area which is a PVPC support and important level of breakeven for some miners.
That set up caught my attention because it has a close stop loss and far target, the risky x return ratio is 3+ and respect all my rules for entering a trade, so let's see how the price is going to play...
Trade closed: stop reached
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That trade was going in our favor and could be in profit for a while, however, some bulls raised the price and the stop-loss was reached on Dec 23.
The price found support on MIMA 17 and now is consolidated between it and the MIMA 72.
The MIMAROC indicator is also showing some divergences. While the price was making lower lows, the indicator was making higher lows.
The consolidation range is not that wide but started to give some positive signals for a long setup aiming to target the MIMA 72. It's a risky setup once Bitcoin still in a downtrend reinforced by the MIMA's 144 and 305 that stills in play and above the price, however, have a risk-return ratio 3 and can be profitable.
So if you decide to take this trade, remember to take profits and manage the risk carefully.