There are major bearish signs for bitcoin at the moment:
1) Bearish divergence on the 1,2,3,4 and 6 hour time frames on RSI and MACD.
2) There are 5 waves to the upside that can clearly be counted on the 1h chart.
3) There is a head and shoulders pattern as you can see with the left shoulder labelled as 'LS', right shoulder 'RS', and head 'H' in the analysis.
4) We can have hit the 40k resistance.
I have gone short here with 1.5x and I plan to ride this down a nice amount.
Let me know if you have any other ideas.
Good luck, all the best.
1) Bearish divergence on the 1,2,3,4 and 6 hour time frames on RSI and MACD.
2) There are 5 waves to the upside that can clearly be counted on the 1h chart.
3) There is a head and shoulders pattern as you can see with the left shoulder labelled as 'LS', right shoulder 'RS', and head 'H' in the analysis.
4) We can have hit the 40k resistance.
I have gone short here with 1.5x and I plan to ride this down a nice amount.
Let me know if you have any other ideas.
Good luck, all the best.