Short BTC Descending Triangle on Bear Flag and Fib Fractal
I see a potential descending triangle forming as part of the greater bear trend. Bottom line is obviously not totally clean, but we are talking maybe a $50 difference on record high margin positions. Still feels more descending triangle than symmetrical like I've seen posted.
I also see some consolidation fractals here measured to similar fibs.
1) Price dump
2) Falling parallel channel reversal
3) Rising wedge to .618 fib upside
4) Repeat 1-3
Target is measuring the first move down I suppose, ~ mid 5k. Stop losses if bearish trendline / triangle breaks up.
If the "Tax Season Sell-Off" fundamental is real, I would expect this would count as a last day sell-off since April 17 is the deadline and people would need 24 hours to wire. I put the last bounce outside of some longer trendlines because it is amusing to think of an evil MM & Judas candles.
I also see some consolidation fractals here measured to similar fibs.
1) Price dump
2) Falling parallel channel reversal
3) Rising wedge to .618 fib upside
4) Repeat 1-3
Target is measuring the first move down I suppose, ~ mid 5k. Stop losses if bearish trendline / triangle breaks up.
If the "Tax Season Sell-Off" fundamental is real, I would expect this would count as a last day sell-off since April 17 is the deadline and people would need 24 hours to wire. I put the last bounce outside of some longer trendlines because it is amusing to think of an evil MM & Judas candles.
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