2023-10-02 12:50:24
BTC - Bearish [ ]
-Timeframe: 1D-
We've been printing good money last few months with BTC but i was not heavily positioned until now.
I've been waiting for the perfect moment and for the perfect distribution, just as i did back in December 2021 when I shorted everything.
BTC is in the final phase of the distribution and final and last push, Head and shoulders, similar to the one back in 2021-2022 is being formed,
Some of the signs: - Price hitting 200WMA + 200DMA (retesting)
- Right shoulder being formed
- Ascending Parallel channel resistance
- B wave before aggressive C to the downside.
- Bearish Q4, everyone flipping bullish, OI increasing like crazy (longs aping)
- RSI Hitting overbought
- RSI hitting strong resistance
- Pre-halving crash (Most likely)
- Dollar strength
Etc etc...
I do not believe this is bullish continuation or that we will see one, ETH ETF will be announced today, and most likely it could mark top just as previous BTC Futures ETFs did.
Remember that market is all about manipulation, all liquidity pockets above 27k & 28k are being grabbed and filled, we could still wick to 29ks but I expect in upcoming days full reversal.
Invalidation: Reclaim of $31.7k
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