As much as I hate being bearish on Bitcoin, too many negative signals are showing up for me to go long.
1) We are in a strong downtrending channel, and are currently near the top of it.
2) A large potential Head and Shoulders pattern is forming.
3) The market maker sell model is in full swing.
4) The hype train has been going at full speed these last few weeks: GBTC live, Circle / GS investment, Coinbase in the UK, Alphapoint exchange upgrade etc. With bullish headlines like these behind us, upward momentum could fizzle out.
I have started building a short position in the high $230s, and am looking to add more if we get closer to $240.
1) We are in a strong downtrending channel, and are currently near the top of it.
2) A large potential Head and Shoulders pattern is forming.
3) The market maker sell model is in full swing.
4) The hype train has been going at full speed these last few weeks: GBTC live, Circle / GS investment, Coinbase in the UK, Alphapoint exchange upgrade etc. With bullish headlines like these behind us, upward momentum could fizzle out.
I have started building a short position in the high $230s, and am looking to add more if we get closer to $240.
