therealrunner
Short

Falling Wedge For A Healthy Bearish Correction

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Shorts at ATH             , although this is relative to the volume , the ratio of shorts to longs are closing.

Testing some new ideas with div             on the 'Finex short chart and there is bearish div             at the ATH             so presuming this amount of shorts will go down which would mean a bounce in BTC?


This falling wedge breakout will get BTC             bulls in excitement again and people think it's going up, therefore i think it will breakout/bounce here but will continue its journey back down to the 3-4.5k range. this will make people believe that BTC             is dead, which will fuel a chaotic bull run then.
Comment: Also this, bounce will create a higher high than the last therefore people will believe trend reversal
Comment: Bounced. i thought around 8k would be the bounce but was a tad higher. Ended up testing the previous weekly order block at around 8400/8500, This was also a 0.382 fib retracement. re shorted at this 8.4-8.5k range. Hedged my position at about 7.9k as the rsi is oversold on the 1 hour could and has holding this support well.
Now hedged, waiting to see how the play goes out before making any other serious move.
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