Short

Bulls out of steam?

Updated

I'm struggling to see a bull case at the moment (although I know BTC can do it any time), but Im reshorting regularly with caution on small amounts and taking profit where I can, expecting a larger drop.

Once BTC loses some height I can re-enter on spot longs.

Note

What a difference a couple of days make, we are through another resistance level and heading towards my top of channel @55k.

From previous experience BTC tends to show a heavy run up followed by parabolic move upwards to show the end of a bull cycle. I previously posted a long term goal of 70k to 100k - where I take profit from spot longs, and a break out of this channel would start to show that move happening. I would've liked to have seen bulls take it easy in the lead up but with so much positive sentiment that may not happen. I'm watching Alt season rallies as an indication the market might be entering a level of delusional bull sentiment, although some of my alts (one in particular which was heavily invested - Matic) has already gone up nearly 1000%, so you have to wonder if als season is already close to its end rather than its start.

Note

Our pitchfork is still providing value as we see bounces and resistance on price action. I only managed to fill one spot long in the end, however the short played out well enough and allowed for some buy in. I had hoped for more of a dip. Should bull case continue, 58k is the next resistance for this TA, which also happens to be previous ATH. I will continue analysis on other ideas on profile now.

Wynnsa

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