🚨Bears Strike Back🚨
The current price of $BTC is $7000, with 24 hour volume leveling around 5 billion USD.
$BTC fell in the past three hours by roughly 5%! This pullback makes sense due to the crucial resistance that $BTC was brushing against.
The volume on this sell off has been much higher than the volume of recent days, which shows us that bears still have strength but were waiting for the optimal time to short.
The downward trend that has been in play for six months (see chart below) has validated itself again for the time being. 📉$7400-7500 still remains the mark that will need to bested in order for us to regain confidence in this recent uptrend.
BTCUSD shorts on Bitfinex went up parabolically over the weekend and many called for this influx to be retail shorters not knowing what they were in fact doing. This has been invalidated today and shows us that sometimes the answer lies right in front of us. Big money chose to short there because they ultimately knew where the price would go.
Unfortunately, a massive percentage of the shorts opened this weekend are still open, leading us to believe that downside may continue from here.
This would, however, be an optimal risk/reward entry on alts and longing $BTC. For now, our team is staying sidelined as we allow price action to further develop. We will update you as the day progresses.