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just fractal from 3h chart of last 10k-6k, applied to 1d chart.
just for experiment. notice in beartrend whatever the movement of shorts - we go down both on sells and covers. bitfinex is not a good place to pay attention to but its all we have and we can analyze some pleb psychology. real profit taking is in bitmex, price control by spot buys elsewhere, they wouldnt use bfx margins for price control as its too exposed. only ...
just observing some levels.
hold my beer
i like to paint bear.
if we dont bounce at 7.6k and dont break the downtrend, its looking bad. simple EW, EW doesnt work in crypto ;) just like my week old chart - https://www.tradingview.com/x/PqRM3LD4/
not financial advice. pure guess on ewts and fibs. scenario 1 - retrace to .236 or .38, scenario 2 - retrace to .5 (will take 2 weeks to complete). 4h rsi still has room to fall (quick) or grind (slow)
FA: only reason im bullish is because btc futures can be traded by institutions. otherwise we'd have instant bear year
if btc flies, alts die. if btc dies, alts ...