After the price of BTC fell to the target of the SHS pattern (around 18k) and bears started taking profit, we started seeing many pumps, each following pump, however, went lower than the last, forming an extremely bearish pattern - descending triangle.
The target of this pattern would be 10,500, if we measure from when the original bearish move began to start forming this pattern.
Today and yesterday, the price of BTC was manipulated (in my opinion) above the descending triangle, and it was made very hard to enter a short on high leverage, because of the immediate prospects of a huge rise, as there is a lot of bullishness coming from the bottom of the triangle. But now, as of 18/10/2022 we are back below the top of the triangle and to me confirming the pattern is still live (otherwise we should have broken out).
This is in no way guarantee, but if we do see a push below the bottom of this triangle, I am expecting a flush down similar to the big dump at the start of this pattern, and quick capitulation down towards 10500. There I will be looking to hedge my shorts and see what happens, having units if it pumps, but also winning if it fails.
Good luck trading
The target of this pattern would be 10,500, if we measure from when the original bearish move began to start forming this pattern.
Today and yesterday, the price of BTC was manipulated (in my opinion) above the descending triangle, and it was made very hard to enter a short on high leverage, because of the immediate prospects of a huge rise, as there is a lot of bullishness coming from the bottom of the triangle. But now, as of 18/10/2022 we are back below the top of the triangle and to me confirming the pattern is still live (otherwise we should have broken out).
This is in no way guarantee, but if we do see a push below the bottom of this triangle, I am expecting a flush down similar to the big dump at the start of this pattern, and quick capitulation down towards 10500. There I will be looking to hedge my shorts and see what happens, having units if it pumps, but also winning if it fails.
Good luck trading
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It appears this was likely a fakeout to the upside, resuming bearish position while we are near the highs. Initial target 18800 for small take profit, if breaks looking for 13k and 10500.
Comment:
Don't bet against the fed
I plan to hedge higher to have a short in case its a manipulation fakeout to the upside