This was a fractal I was looking at last night, unfortunately I was not comfortable sleeping in a long position.
The signs, clearly, were there, and the market makers went for it. What can we do now? Well, we have yet to make significant progress to the top of this fib channel, and I don't see the follow through on volume I'd like right now. More than ever, I am looking for another leg down on Bitcoin right now. I do not see us breaking 6400 on this move unfortunately, and this feels much like a rejection from that level.
I am short Ethereum at the moment, and I will cautiously hedge that with a bitcoin long. However, from here I see us moving down a bit more slowly
Mid - long term bullish, short term bearish. There will be a lot of pain from another move down.
The signs, clearly, were there, and the market makers went for it. What can we do now? Well, we have yet to make significant progress to the top of this fib channel, and I don't see the follow through on volume I'd like right now. More than ever, I am looking for another leg down on Bitcoin right now. I do not see us breaking 6400 on this move unfortunately, and this feels much like a rejection from that level.
I am short Ethereum at the moment, and I will cautiously hedge that with a bitcoin long. However, from here I see us moving down a bit more slowly
Mid - long term bullish, short term bearish. There will be a lot of pain from another move down.