For those who don't understand what's happening right now and for those who think this is the bottom and we're going back to the moon to set up lunar colonies, I'm sorry to say, not yet my friends.
Simply put, there is more south to go, but what does our beloved bitcoin have to do first. It needs to break the channel line in blue. This invalidates the line and says hey blue line, you are no longer a resistance barrier to us. You are now dead to us.
We then create a double top formation with points A and B.
Price then as always pulls back into the channel for one last hurrah down to its target. In our case roughly the green line.
Why would large shorts close if we are headed to 5500?
BattleReady
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@JoshuaVanier, not sure I get you. Large shorts wouldn't close if their stops are high enough above "B". It depends on what their goals are... Capture every little move in the market or take a few large moves.