Drop. Bounce. Then? Up to 60k OR further down?

• Ascending wedge is at least reason to be cautious here traders.
  
• Futures are shorting at 50k. If it gets past that price they are in trouble. They will fight to stay below this level.
  
• A healthy correction is needed anyways. We are over-extended. Personally, I will lose confidence if we continue up without some sort of correction here.
  
• Shooting star candle on the 4 hr.
  
• Other indicators showing bearish divergence (i.e. - volume)
  

A good target for re-entry would be 37-40k. We will bounce. Maybe almost all the way back to 50k? At this point, the market will have to decide whether it will continue it's ascent to 60k or will it drop further, like to 30k or so?

For now, safest options are to bet on a correction and then a bounce. After this, I will re-evaluate and go from this point.

Best of luck traders!

Comment:

A lot of people are still bullish, thinking that we've broken above our ascending triangle. They're right. We did. But right back into another stronger resistant ascending triangle.

I'm still bearish short term.

Comment: