The first signs or symptoms of change, shows up as volatility.
Bitcoin became extremely volatile as it moved higher, as it was headed toward resistance.
Back on 29-July, we saw how a move above $70,000 resulted in a massive rejection. Bitcoin only lasted above this level several minutes.
Today, as a major lower high compared to late July, Bitcoin lasted only a few seconds below $68,000. As soon as this level was about to be hit we saw a very strong wave of selling.
Bears are ready to sell at resistance and this way before reaching 70K.
👉 We continue to keep a bearish bias long-term as long as Bitcoin trades near-to or below resistance.
✔️ If Bitcoin can break and close above 71,000 and/or 74,000 monthly, we would consider this a potentially bullish chart setup.
✔️ As long as Bitcoin trades near resistance and within a lower high, this continues to be a strongly bearish chart setup.
Another 80M worth of over-leveraged positions were liquidated within a single day. By the time Bitcoin stars to crash the bears won't have any money left; classic.
➢ We continue 100% bearish on Bitcoin unless/until resistance is breaking.
Bearish at resistance; bullish at support.
Buy low & sell high.
Thank you for reading.
Namaste.