High: $2,282 - $4,386 - $6,818
After seeing the last 2 weeks play out, my original lower target for bitfinex BTC shorts has been achieved but now I'm seeing a potential for it to go even lower. I have adjusted my original and fixed the fib proportions error I made with it last time. I believe I originally had my fibonacci retrace targets upside down and an incorrect floor level so I'm looking to attempt to make sense out of that.
Too bad I can't go short on the shorts :)
I do think there is still potential for a shorts rebound, bitcoin could end up going beyond $42k and it could drive the shorts even lower, but we may see some clues in the shorts trends before coming to fully convicted bitcoin conclusions. I am not convinced that a bottom has been put in to the current time frame on this chart, but I do think price action could get stuck around my red fibonacci level at 100% before fluctuating while the rest of the market deliberates the possibility of a pump or dump.
If bitcoin looks like it will crash, shorts will definitely go up, but it could be a temporary bear trap. Everything is still very uncertain for some, including me.
Related idea attached, original version of this updated chart here:
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!