The decline is being resisted—will the bulls make a comeback?
For the past few days I’ve been bearish: I shorted from 87,000, then added shorts at 85,000—it’s all been right. But I’ve also said that the support at 82,500 is the ceiling pressure formed by the earlier range’s trapped supply. Pushing lower will definitely be difficult. So over these two days, after repeatedly testing this level, it hasn’t broken, and there have even been some strong rebounds.
I’m still bearish. Any rebound is an opportunity I would consider adding to my position, because a real downtrend doesn’t drop like a waterfall in a single move. Instead, after repeated counter-swings that hit and weaken the top, a kind of consistency forms—that’s when you get the combined force, and that’s when the sell-off accelerates.
For my last opportunity to short, I’ll still place it in the 85,200–86,300 range. #BTC
For the past few days I’ve been bearish: I shorted from 87,000, then added shorts at 85,000—it’s all been right. But I’ve also said that the support at 82,500 is the ceiling pressure formed by the earlier range’s trapped supply. Pushing lower will definitely be difficult. So over these two days, after repeatedly testing this level, it hasn’t broken, and there have even been some strong rebounds.
I’m still bearish. Any rebound is an opportunity I would consider adding to my position, because a real downtrend doesn’t drop like a waterfall in a single move. Instead, after repeated counter-swings that hit and weaken the top, a kind of consistency forms—that’s when you get the combined force, and that’s when the sell-off accelerates.
For my last opportunity to short, I’ll still place it in the 85,200–86,300 range. #BTC
