testing daily resistance -- bearish on bitcoin
bitcoin is testing a long-term trendline that is currently serving as resistance. unless we have a daily close above 7.7k-ish, i'm bearish. i don't see us breaking 8k on this push-up. that is probably where we will reject. i will scale my short in up to that price. stop-loss will be placed slightly north of 8k. target price is around 6.9k.
also of note: short/long ratio is hilariously out of proportion. it has gotten better since this morning, where there were almost twice as many longs as there were shorts, but we still are going to see a return to parity here soon enough.
all signs are suggesting bearish, in my opinion.
also of note: short/long ratio is hilariously out of proportion. it has gotten better since this morning, where there were almost twice as many longs as there were shorts, but we still are going to see a return to parity here soon enough.
all signs are suggesting bearish, in my opinion.
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