Bitcoin shorts on the break and retest of steep trend line
Bitcoin looks like the bulls are losing momentum as the market is just short of reaching 30k. You're seeing actual market structure now not just parabolic movement. I'll be looking to enter a sell position on the break and retest of this trend line around the 28880 level. My target will be around the 25590 zone since that is a strong zone of support. I may be looking to re enter a sell position at the 27610 zone since that would be the completed formation of the right shoulder on a head and shoulders pattern, clearly indicating a reversal. After the long weeks of parabolic movement/price inflation and multiple confluences such as bearish divergence and other technical factors, I think bitcoin is ready to see some pullback.
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