We need to see more overlapping, but this could be a sign that wave 1 Circle is nearly in and expect a significant immediate decline. I would suspect all other coins will follow. I am not short right now, but am watching for more signs. I would expect BTCUSDSHORTS to drop nearing the top of the Ending Diagonal, if that's what's playing out. This could take a couple of weeks to complete, which will also give more insight and confirmation.
Note
An alternate, if we break out of these converging lines, heading in the $6K region, is this is an Expanded Flat and we are still working on wave (4). We have yet to see a significant pullback for (4). The move up to $9100 was in three waves.Trade closed: target reached
Turned into the alt count and an Expanded Flat for a continuation of wave (4). We probably have a little further down to go, but I would not want to be caught short now.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.