Direction: Bearish bias primarily


Blue route: Begin pullback around 74, target pullback tentatively at 66-68 (those already short can continue holding and let profits run a bit)
Green route: Begin pullback around 74, if 69 doesn't break, start rebound to 74-76, make another top, then begin pullback, still targeting 66-68 (if following green route with 2 test attempts, can continue opening short positions here to trade the pullback)
Red route: Begin pullback around 74, if 69 doesn't break, start rebound breaking through 76 and hold, next targets 78-83, extreme rebound position around 83 (this is the best position to open short positions for trading). If it's a false break of 83, can continue shorting. Pullback first watch 68-72, then seek new direction.
You don't have to short, but you can't call for a bull return now. A bull can't return now. The possibility of consolidation and bottom formation within 1-2 months of washout is very low. Not enough time. Not enough space. Still need to probe lower and shake out panic from the longs. $BTC
BTC-0.62%
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