Bitcoin has broken the compressing triangle near the apex and now broke the closest support line based on triangle lows.
Oscillators also show broken structures.
If short placed before breakout good. Stick to it - It is not yet time to exit since nothing suggests otherwise. But adjust the stop loss to decent level in case of surprising reversal (wouldn't be surprised to be honest) and bear trap confirmation.
We shall see if we are going to see more sidway and price consolidation or continuation. If price consolidates for awhile and show some rejection from the downside showing bull presence it is more likely we could see massive pump to 7k levels. Too soon to hypothesise on that.
Atm short bias but not anymore a good time to enter now short until further evidence of weakness.. Time to be very careful because interest is still significantly low and this last move is indeed possibly a bear trap at weekly support levels.
Oscillators also show broken structures.
If short placed before breakout good. Stick to it - It is not yet time to exit since nothing suggests otherwise. But adjust the stop loss to decent level in case of surprising reversal (wouldn't be surprised to be honest) and bear trap confirmation.
We shall see if we are going to see more sidway and price consolidation or continuation. If price consolidates for awhile and show some rejection from the downside showing bull presence it is more likely we could see massive pump to 7k levels. Too soon to hypothesise on that.
Atm short bias but not anymore a good time to enter now short until further evidence of weakness.. Time to be very careful because interest is still significantly low and this last move is indeed possibly a bear trap at weekly support levels.
D7R
As you can see outlines in green arrow. We are at weekly support and 4H in extremely oversold levels