Looking at the 4hr chart, I think we will move up and find resistance at or inside the red box, potentially all the way up to the top of the bullish pennant. I think this is a good place to ladder into a short position. To me, the consecutive lower highs and lower lows indicate there is some further downside. I think it would be healthy if we fell out of the bullish pennant and touched the orange line between the .382 and the .5 Fib. Then I think Bitcoin would be ready for a big move up to test the previous all time high.
On the daily chart it looks like we are moving up to test resistance at the top of the pennant. I'm still bullish long term, but I think a good shorting opportunity is coming sooner.
Owhoooo!
On the daily chart it looks like we are moving up to test resistance at the top of the pennant. I'm still bullish long term, but I think a good shorting opportunity is coming sooner.
Owhoooo!