BTC BIG SHORT
After trading the run up from the $4000 region, the price action for BTC has slowed down. Moreover, volume has been decreasing and the price has been consolidation within an ABCDE pattern which has broken out only slightly. There are also many bearish divergence signals at this point that it looks more like a distribution pattern. I have laddered shorts from the $5,100 range up to this $5,300 range. At the same time, the local high has been hit the 3 day 100 EMA & 200 EMA, which if we go back to 2015, it happened similarly where the price topped. However, there is a possibility that we can see a $5,400-$5500 but the chance is pretty low at this point. There is a huge supply block up at that region and if the price even gets close, every smart money will have short orders there. Taking some short term paper PNL loss is better than missing the big long term dump that will be coming.
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