Bitcoin SHORT
First off, I just wanna say that CNBC said long btc here at 7420. If you are an experienced trader, then you should know what that means... SHORT! DO the opposite of what cnbc says! (They are whales getting the masses to long while they are stacking shorts and when the masses get liquidated, we fall faster and harder.) Plus everyone is starting to long, meaning I wanna short since 90% of traders lose money, why would you follow the herd?? That's the phycological side of the trade, ANYWAYS... The technical side of it is that we have a huge beard (bearish divergence) on the 4h that has been growing bigger and bigger, meaning that when the price finally blows, the impact should be on a bigger scale, meaning that the longer we are in the retrace of an uptrend, the harder we will dump. We are also chilling in the .618 retrace zone from the 8500 to 5700 move, which is a fractal since we have rejected from .618 retrace many times before on big timeframes. My favorite fractal, the curve fractal, shows that we are at the top of our range for now, and should start declining following the curve. If we break into the curve, then it becomes resistance. The highest I see us going is 7500 period. There is a possibility of a wick to 7600, but other than that, 7440 is looking like a solid ceiling/top. We have also finished wave 5 of the EW started over a week ago on the climb up here, and as you can see, we are in a tight pennant (the two black lines) that will hopefully break down below to initiate the mad dumpings. If you go short, then 7250, 7130, 7000, and 6900 are good places to take profits, as i am eyeing 6600 overall. Thats it for now, trade at your own risk. Drop a like if you enjoyed this analysis! BluWhales all the way. :)
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