For the first time since August 17, BTC has shifted into a sustained downtrend on the 3-hour timeframe. Which, as a reminder, is our trigger for speculative trades—we try not to trade against it. And the August pump once again demonstrated this. Underestimating the strength of the trend and taking a counter-trend short "at the highs"—which turned out not to be highs at all—we now have a problematic short position that we have not exited yet.

In the end, #BTC showed rare strength: from switching from an uptrend to a downtrend in the night of August 28-29, after the uptrend shift on August 17, it rose by more than +21%. From the trend reversal to the current high—it’s even more.

Now this timeframe shows a downtrend with targets of $76,105 and $75,079 that haven’t been hit yet. The latter is already below the $75,761 level, which in our assessment divides the bear and bull markets. BUT at the same time on this timeframe:

- it’s already the second marker of potential looting level,

- the price is holding the liquidity zone $76,685–$77,843 as support.

Therefore, until the 3-hour candle closes below $76,685, the correction scenario may get an early termination. Despite the nice start of the “Bearish wedge” pattern, which was discussed both on August 28 and August 27. And losing the $75,761 support for the further correction scenario is critically important.

We do nothing with the short position at least until the $76,685–$77,843 zone is absorbed. If we absorb it and go below $75,761, a new addition to the short position may be possible.