Take note. This BTC short idea has not yet confirmed. Entering it prior to full confirmation across the 3 metrics I am looking at here, would be very silly.
Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is currently in a bear flag.
With US equities 'waterfalling' down to their next logical support levels (Dow @ ~ $18K), it is likely that Bitcoin will follow. Bitcoin is not a Safe Haven asset, it is one of the most speculative high risk assets around. If everyone is frightened and broke cos there is a huge recession on, then the Market Makers can no longer feed on the public, by luring them into a FOMO ramp. They therefore have to feed on the retail and/or semi pro traders out there, many of whom think $3K is the bottom.......My thesis is that all these retailers and semi-pros are going to pressured into capitulation, with a litte trip down into sub $3K territory.
High risk trade.
Stops must be placed and observed
and again, don't even think about entering until all the confirmations are in place.....
Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is currently in a bear flag.
With US equities 'waterfalling' down to their next logical support levels (Dow @ ~ $18K), it is likely that Bitcoin will follow. Bitcoin is not a Safe Haven asset, it is one of the most speculative high risk assets around. If everyone is frightened and broke cos there is a huge recession on, then the Market Makers can no longer feed on the public, by luring them into a FOMO ramp. They therefore have to feed on the retail and/or semi pro traders out there, many of whom think $3K is the bottom.......My thesis is that all these retailers and semi-pros are going to pressured into capitulation, with a litte trip down into sub $3K territory.
High risk trade.
Stops must be placed and observed
and again, don't even think about entering until all the confirmations are in place.....
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Trade parameters did not trigger. Looks like it will be some time before any short opportunity presents itself, and I personally still wouldn't have any reasons to go long in BTC.
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