I don't like shorting bitcoin, because y'know, you get short, then it rallies $1,000 in one 15-minute candle. Kinda scary ...
However, we have a potential setup to short or exit longs and rebuy lower, IF, btc follows this fractal taken from March.
What's in favour of the fractal playing out?
Still a lot of bulls, longs are high and max pain would be to the downside
Still a lot of bears, whipsaw up to 9k would take a lot of those guys out too
Resistance at 9k (the 9-10k range was a wide distribution area)
Support at 7k. (The 6.5k - 7k range was a wide accumulation area)
It remains a traders market. No clear trends. Quick in & out and ensure that risk is managed is the right way to play it.
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Edit: MA positions are bearish. Downtrending MAs suggest continuation down. Volatility also hots up as price declines so it gets harder to trade unless you ninja on the stops and limits
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Zoom in ... What did I say about not shorting bitcoin? ... ;)
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Here's that fractal close up. Did any of you expect BTC would rally to 9k almost?
Now if it dumps are you expecting that? Both are possible ...