The way I see it, Bitcoin is at a very strong sell zone.
There are 2 scenarios.
1) It drops from 16820 (from here)
2) it performs a bull trap by breaking the resistance trendline and hitting the stoplosses there. That would make a target of 17,580, after which it would drop.
The 16,820 short position would be invalidated if the price pushes past 17,060. If...
Odds are that the correction has started.
Support 1: 12.3k
Support 2: 11.8k
Once this correction ends, we should see the final impulse of this bull trend (14-16k target).
For those who are interested, I use this algorithm to calculate the Supply and Demand zones:...
This chart shows two premium indicators that were custom made by myself.
Oracle sees the future, while Zeus sees the present. The combination of these scripts provides a significant edge in the market.