BTC Bitcoin: Is the Great Ponzi finally running out of steam?
We notice here a rejection off the 4200 level on Bitfinex, a rejection of the previous high (no higher high) and also a rejection of the bull flag pattern.
I can see a double top forming and momentum dropping strongly to the bear side and a revisit to the mid 3k level.
Short positions are down significantly compared to long position, so there is more incentive for a big player to profit off the cascading longs on a dump.
Short level: 4100-4200
Stop loss: 4260
Target profit: 3600
I can see a double top forming and momentum dropping strongly to the bear side and a revisit to the mid 3k level.
Short positions are down significantly compared to long position, so there is more incentive for a big player to profit off the cascading longs on a dump.
Short level: 4100-4200
Stop loss: 4260
Target profit: 3600
Note
The oracle has spoken
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Disclaimer
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.