After a successful 2 target winner as a result of 36-48 hrs of good mometum (see related ideas), I believe we are coming to a point where we will witness some relief soon.
There is a good amount of resistance present in the marked red area (evident in the zoomed out view I will post in updates) so it looks like a decent area to short from if you are interested in doing so. I will not be taking shorts on BTC as I will only be trading with the immediate trend.
Possible reasons for a short : Upper trendline + good resistance (see zoomed out view in updates) + 0.618 fib
My guess is that we will see a slow and steady sell off toward the lower trendline or the recently formed support (all marked in purple). IF it reaches these levels, I will look to add more long trades (IF price action is satisfactory). I will update the idea IF we get an opportunity to get involved again with the reasoning for my entries (IF I do enter)
Trade with care.
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Zoomed out view of possible shorting area
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Head and shoulders pattern formed by shorting zone.
Expecting price to fall toward the 9.5k mark as outline in original idea
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Was not home in time to publish potential short ( as I said, I am not personally interested in trading BTC to the short side for the time being.
Marked box has multiple confluences of :
Outer point of neckline = good resistance Outer point of broken trendline 0.618 fib 50 EMA
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We have seen a nice move further up.
Was unable to get involved in any long trade as price didnt go to any good level to long from (acc to my rules)
Will be awaiting the next pullback in order to get involved