I think we might have topped out for the shortterm.
Just wanted to share with you briefly this descending triangle I see forming on the LTF.
Watch out, a descending triangle mostly forms as a continuation pattern in a downtrend.
BTC is currently obviously in an uptrend so be prepared for breaks in both direction, but imo some shortterm downside is to be expected.
I´m not shorting this against the overall trend, but if we don´t see the bulls coming out of the woods in the next 4h, I think we have some downside ahead of us.
7600 is the first relevant resistance where I want to see a good bounce, otherwise we might go south some more.
--> I have my buys laddered in this area and am currently flat.
While I still think it´s the most likely scenario that this pump is entirely fake, planned and executed by the big guys spending all their fucked USDT to buy up #btc, to exit the market with a monster drop on retail investors, this is what the chart tells me right now.
I don't know if we will break upwards or test it multiple times and be rejected in the end,...
Despite the latest bullish moves and news (short/ long ratio, short squeeze, USDT, bullwhale activity...) there´s a heavy resistance area in the making I want you to be aware of:
1. The long standing major resistance line (red)
2. A resistance area (7320-7720) with a lot of volume
3. Golden Pocket, twice shorted before (golden Pocket is the area between fib 0.65...