Bitcoin / Tether
Updated

"the unpopular opinion"

1 947
the bulls are back into their euphoric state, and are not going to expect this move if it comes.

btc rejected the 123.60% extension (barely making it up here lol)
it literally fought so hard to pull off this fake looking breakout, and now it's going to show its true colors yet again.

i think we saw a clean a-b-c to the recent highs,
and now we're going to see a clean 5 waves down into the local golden zone zone at 44.6k (maybe even lower btw).

ps. stated not too long ago in our trading room that i have exited all of my longs, and i am no longer interested in this upside swing as of this evening.
our indicators have called every single peak on bitcorn to date, and i don't think this time is any different.

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just to be clear, i'm not short nor long. just patiently sitting in cash.
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the 200 daily exponential moving average lines up very nicely with the larger descending trendline. it could act as a magnet for price over the next 24~48 hours. this would be the ideal area to attempt to take a short (in my opinion)

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volume profile doesn't line up with this current move, and that's the biggest red flag for me. not a fan of things that go up on descending volume 😅

if it keeps going, so be it - but i'm not touching it
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good news for the bulls, i was wrong about this idea.

if you're still long, hold on o/
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we have volume + rsi bearish divergence. can it go higher? yes
how much higher? no idea
just be careful with this scam rally, when it breaks - it's going to drop quicker than it took to get up here.

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