TheTravel1ngTrader

Easiest Bitcoin short you'll see today - Crazy fractal pattern

Short
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Crazy fractal spotted on the 1hr chart. Bitcoin was in a sideways continuation back on March 24, which looks exactly like the sideways pattern we just had. It then tanked by almost the same rate, formed a sharp trough and is now hugging the 21 EMA in almost the same exact manner. The death cross also occurred back in March and it looks scarily similar to what we're seeing form now. Even the RSI patterns are eerily similar.

What's crazier is that the original pattern was also spotted on a weekend. ( Fri , Sat, Sun). I've already shown how the S&P and Bitcoin are currently correlated and when the stock market is closed, Bitcoin tends to see these downtrend patterns until the stock futures market opens back up.

I shorted Bitcoin at the 21 EMA , at $6900 with a first target of $6780 followed by $6670. My SL is at $7K.

Comments

The short hit the $6780 target. Closed for profits 💪🏽💰
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