With the parabolic move up still intact, BTC refusing to go down and any dips still being bough up quick. I am still short term bearish on Bitcoin.
The HTF trend is certainly bullish, as much that despite being bearish atm I was hesitant to open a short (which I eventually did). I believe we are heading up for a retracement due to the following.
- I don't trade meme patterns but this looks like a good head and shoulders formation, offcourse it's still not valid but there are factors that make me believe it should.
- Price is going up but volume is on an obvious decline.
- Many buyers are hesitant to buy at this range and are waiting for pull backs.
I could be wrong but this is how I see bitcoin atm.
If Bitcoin surpasses the 8.4k area and establishes support, my idea will be invalidated and I will start looking for long setups.
The HTF trend is certainly bullish, as much that despite being bearish atm I was hesitant to open a short (which I eventually did). I believe we are heading up for a retracement due to the following.
- I don't trade meme patterns but this looks like a good head and shoulders formation, offcourse it's still not valid but there are factors that make me believe it should.
- Price is going up but volume is on an obvious decline.
- Many buyers are hesitant to buy at this range and are waiting for pull backs.
I could be wrong but this is how I see bitcoin atm.
If Bitcoin surpasses the 8.4k area and establishes support, my idea will be invalidated and I will start looking for long setups.
Trade closed: stop reached:
My stop was hit at 8468, I was wrong with my idea. Will re-evaluate.