BTC is in a large descending triangle which it has been forming since the end of June - a series of lower highs followed by a relative flat-line of support. This is shown by the lower yellow box. It ranges from about 9.1k-9.4k.
We see a lot of bulls/moonboys thinking it's going to all of a sudden rip to all time highs and rip through strong resistance like it doesn't exist. I beg to differ.
Analysing the trend we see a series of crocodile bull traps/bubble pop formations. Each run up is weaker
Firstly, bitcoin hasn't been able to break the 12.3k area which it ran up to in the first week of August, it also has failed to break the 10.9k zone which we saw rejection from recently and another couple of times further back. This resistance zone is shown by the upper yellow box.
We can also see the whole candlestick formation of the blow off top at 12.3k looks very similar here.
Right now I believe we are in a bear flag which has the potential to run up to around 10.5k which would coincide with the .382 Fibonacci. This is fair game for rejection.
So my call is to start laddering some shorts up NOW up to that region and possibly up to 10680. But I don't see enough bull power to take it beyond there.
We see a lot of bulls/moonboys thinking it's going to all of a sudden rip to all time highs and rip through strong resistance like it doesn't exist. I beg to differ.
Analysing the trend we see a series of crocodile bull traps/bubble pop formations. Each run up is weaker
Firstly, bitcoin hasn't been able to break the 12.3k area which it ran up to in the first week of August, it also has failed to break the 10.9k zone which we saw rejection from recently and another couple of times further back. This resistance zone is shown by the upper yellow box.
We can also see the whole candlestick formation of the blow off top at 12.3k looks very similar here.
Right now I believe we are in a bear flag which has the potential to run up to around 10.5k which would coincide with the .382 Fibonacci. This is fair game for rejection.
So my call is to start laddering some shorts up NOW up to that region and possibly up to 10680. But I don't see enough bull power to take it beyond there.