Bitcoin has been in Distribution, and it may have formed a Lower Peak within this consolidation.
The idea is to short Bitcoin to the major Demand Zone below.
1. Enter - around $63500
2. Stop - above Lower Peak
3. Target - Demand Zone
4. RR = 3
The idea is to short Bitcoin to the major Demand Zone below.
1. Enter - around $63500
2. Stop - above Lower Peak
3. Target - Demand Zone
4. RR = 3
Commento:
The throwback should see Bitcoin go back to $60000, before the Markdown takes price to $52000 into the Demand Zone and another Redistribution consolidation.