The dump today didn't come as a surprise, well it didn't for me lol ;) You see, the way I do my TA is different then the rest of the sheep. Everyone knows that there are CME gaps to fill and those will get filled no matter what, but the fun part is, they are finessing everybody while doing it. Everyone was bearish when bitcoin was at 9100, where is that energy...
Bitcoin can not get enough demand. I'm expecting a huge decline. Btw, I'm not going to trade this setup. Just analysing! FYI: This is a SELL STOP setup. This is not financial advice.
The bear scenario is becoming all too real. Lets see how this plays out. If they go to dumpsterville, the are going to dumpsterville. - BTFD Not financial advice. haha. At all.
This chart is setup using an inverse HVF. At this current moment it is sitting really pretty at the Downside Target 1. I do expect BTC to rally back up for a proper retracement, possibly back up to the $8k area. I might then consider a possibility to then enter a short position once this has taken place see it break out of the funnel to the downside again....