We just dropped 35% from the top. If the bull thesis holds, then this is the mid way and we should consolidate and start making new highs now.
Larger time frames (weekly, daily) have never looked so primed for an upside. Any downside, if this does break down will be fast and violent before a spring back so be careful with leverage.
Simple idea .... lets try and short the corn. The risk is pretty low since we SL right at 50k+. If this breaks 50 then we rapidly go to 63.
Altho, here would be a good short to target between 42 and 38k. If that breaks, 28k for max pain.
BTC below 11,200 (in my opnion) is bearish. 11200, if we touch it, should be sold hard, unless we see a big green candle break it and stay above it on the daily.
Multi-Month, long term support is at 8k ish as shown.
I only paper trade and look at numbers, but if I were to trade, I would short bitcoin here and up to 11200. SL at 11400 and trigger buy if it tries...
Looks like BNB announcements pumps are all over and the market structure seems to indicate a strong pullback incoming. If we do manage to break this double top, there is not a lot of upside here unless Bitcoin goes full bull.
Keep in mind the BNB/BTC structure is completely different at the moment, however I think markets now primarily trade in USDT
I am still higher TF bullish for BTC. It has bit me in the past to be so bullish, but none of the major structures are broken yet. When 9k breaks, that would be time to panic for a drop deeper into 8100-8200 region.
Australia is unlucky because it does not have a lot of tech and finance stocks to carry it forward. 25% of the market is just 4 banks. As earnings and profits dwindle and the initial retail shock due to COVID dies down into reality, expecting this to plunge one more time. Good level to watch here.