BTC:USD has shown very little strength after the massive uptrend from 3K to 10K
After hitting the top at 13K volume has continuously declined, a very clear sign of the uptrend losing momentum
Then a Triple Top formed, a very bearish sign as it means Bitcoin is no longer rallying and bulls can't continue pushing the price up.
This coupled with going below the Ichimoku cloud and the 24 MA means we probably have already hit the top of this trend and now a reversal is coming towards lower prices.
Another confirmation is that the MACD is showing a bearish crossover on the 4 hours, 1 day and 1 week time frames.
Based on all this I have opened a short position at $9984, as I believe 10K will be switched from support to resistance and the price of BTC USD will begin a downtrend for the Short term.
After hitting the top at 13K volume has continuously declined, a very clear sign of the uptrend losing momentum
Then a Triple Top formed, a very bearish sign as it means Bitcoin is no longer rallying and bulls can't continue pushing the price up.
This coupled with going below the Ichimoku cloud and the 24 MA means we probably have already hit the top of this trend and now a reversal is coming towards lower prices.
Another confirmation is that the MACD is showing a bearish crossover on the 4 hours, 1 day and 1 week time frames.
Based on all this I have opened a short position at $9984, as I believe 10K will be switched from support to resistance and the price of BTC USD will begin a downtrend for the Short term.