Of course, we are not opening short this way. However, we feel the local top on BTC is somewhere here. Either we descend from here or from 9.2-9.4k(Another retest). And we go to 6.8-5.8k.
Make sure you have the right stops in place for your logs and alts.
Currently BTC is at 0.786 of the last move down. And also forming a double top.
Its a good R:R if we short here. Rejection would be above last top of 5650. If we break that, I would enter a short again till 5.8k
Currently we see a rising wedge on BTC which should get broken downwards. But if we follow the same fractal we should see a final leg up till 5.4-5.5k and then a dump to 5k and then further to 4.6-4.8k.
Just like BTC ETH has also found a local support. While entire market remains bearish and I hear a lot of FUD in the market, I am long on ETH and hoping for a move till 146-148.
Support on ETH right now is with the lower trendline as well as with the schiff pitchfork.
On a daily chart it looks like BTC is on the way to kiss resistances formed by trendline from Dec. 2017 and Nov 2018.
We expect a move up till 4.2 or a wick till 4.3 by tomorrow or max day after. And then a move back till 3.7k or 3.6k.