Firstly, looking at the bigger picture BTC is probably in some sort of large descending triangle/pennant. We are making LOWER HIGHS.
What I've noticed is that since we reached ~12.3k and failed to break through we have potentially formed another sort of descending triangle/pennant - 12.3k high 10.95k high, 10.45k high. We've been seeing a lot of sell pressure recently and the bulls to me seem to have lost control and all recent rallies have just been reaction rallies to dropping below 10k.
Bitcoin looks like it's just about bouncing from 9.8k now, but barely, and I feel now is a good time to start putting in some short orders after 10.3k if we make it there... If we find rejection in that range it's pretty likely in my opinion for us to go and test the 9.7-9.9k region, and even breakdown from there.
What I've noticed is that since we reached ~12.3k and failed to break through we have potentially formed another sort of descending triangle/pennant - 12.3k high 10.95k high, 10.45k high. We've been seeing a lot of sell pressure recently and the bulls to me seem to have lost control and all recent rallies have just been reaction rallies to dropping below 10k.
Bitcoin looks like it's just about bouncing from 9.8k now, but barely, and I feel now is a good time to start putting in some short orders after 10.3k if we make it there... If we find rejection in that range it's pretty likely in my opinion for us to go and test the 9.7-9.9k region, and even breakdown from there.