COINBASE:BTCEUR   Bitcoin / Euro
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2 hour Bitcoin/Euro chart.

Green triangle represents tightening price action (consolidation) before an explosive move (lower highs and lower lows).

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Bearish Case
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Bitcoin has been in a downtrend for weeks.

This pattern looks like a textbook bear flag = Consolidation before the next leg down.

Shorts are at an all time high.

VERY BEARISH .
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Bullish
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Daily set a higher high yesterday cementing the higher low.

The OBV oscillator (a volume indicator) shows declining bear volume ,
typically after this we get a small spike to the upside.

The market is very oversold, this can only continue for so long. MarketMakers are
likely to fake a breakout to the upside so they can continue to sell at higher prices.

Shorts being at an all time high tempt big money to artificially pump the price whilst
opening longs. Resulting in shorts having to close their position to avoid liquidation by
buying back their BTC contracts. This increases the demand thus heavily magnifying a move to the upside.

For big money a move to the upside is more profitable.
-liquidate all time high shorts $$$
-trick everyone into an uptrend before they dump us down to $5K.
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I rarely trade counter trend. Odds suck.

I bought as soon as price broke my triangle, with a stop loss at 5568 Euros.

Sold at target of around 11%.



Comment: first sentence should be...

Green triangle represents tightening price action (consolidation) before an explosive move (lower highs and HIGHER lows).
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