Bitcoin SHORT. Expect retest of $28K lows. McDonald's sign

Chart Says it all. Going today to get my application. I'm NOT Lovin' it.

The biggest Giant M I have ever seen. M patterns are SELL signals. This rally was a dead cat bounce people.

As I have mentioned before I think is following AMZN price action during the dot com Bubble in 2000 and I expect a retest of the $28K low with probably bottom between $12500 - $18000.

交易進行

After held up quite well to the onslaught in other markets today it now appears that there was not enough momentum to get above major resistance at $46k.

I initiated a small SHORT today.
Entry = $44,249.44

註釋

Covering Shorts in crypto as it appears we could have one more push higher before we drop again. If we break $42595 I will initiate SHORT agsin

註釋

I posted my chart comparison of AMZN in 2000 and BTC today on Jan 25, 2022.

Link here:

BITCOIN to DROP to ~ $12500 in ~ 1-2 YEAR. Network Adoption...

This is an interview with well known trader Gareth Soloway who has almost the EXACT analysis of the chart as I do.

Link here (In particular watch 26:00 to 28:00:

youtu.be/dPxmOvia_GA

I have entered a small SHORT on at $42,334. We could possibly go higher to as high as $52k which would NOT invalidate this thesis.

Trade what you see.

註釋

Is it me or does something feel like its about to BREAK?. The charts just keep getting uglier to me. Maybe when the markets open tonight this will change but right now there seems like little positivity to see in charts.

I would love nothing more than for crypto to become BULLISH again but I just dont see it. All I see are trend lines and Bear Flags being broken and rejections off resistance zone.

ON EVERY SINGLE TIME FRAME.

Trade what you see.

註釋

Someone PLEASE explain what is BULLISH about this chart. I realize its a 4HR chart but it shows the recent POP to $46K is about to fail miserably. Something's about to BREAK. In my opinion.

註釋

Covered SHORTS for a moderate profit and will reenter once we retest the resistance again. It appears we will retest $43,800 to $45,000 range before dropping further.

註釋

Starting to see some BULLISH momentum in #Bitcoin on the lower time frames. Longer Time frames of >3 Days still very Bearish. This 4HR chart now seeing Money Flowing IN and now probabilities suggest break to the UPSIDE. Heavy Resistance at 43,836 and 44,450.

註釋

What would it take for me to become more BULLISH on again?? We would need to break the HEAVY resistance at ~$44500, and then the 1st LINE in the sand @ ~$46700. That would break the neckline of an inverse H&S pattern and put us back in a Major support zone.