This is a classic Wyckoff "Return To Normal" market cycle in action. Don't try to buy the pull backs. You will just get destroyed in the process as it quickly moves against you when it starts. My ideal area to short is at the mean area marked by the yellow flag.
I am prepared to short sooner. I wish you all the best. I hope it works out in your favor.
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Bitcoin will most likely bounce around 39k. This should start the last bull trap before the down trend. The down trend will last through the remainder of the year. I expect to see the trap before the end of this trading month.
I will remain short for the rest of the year unless something changes in this trend.
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Some things have changed and so I've updated my chart. Here is the new chart.
I would say that whoever is stupid enough to buy bitcoin at a price over 55 thousand dollars at the moment, deserves paying for the mistake
j_bones
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@antonio741 ichimoku cloud suggests 55,900 till then probable downside is very high. People that trade swing positions have done very well with 56-60k. I understand for some 8% returns is not attractive but, risk to reward 56-59 has been the lowest risk entry for swing trades. Happy investing