What a BEAUTY, this chart brings back memories of when I was a CounterTrend (CT) Trader.
I would have been happy when this kind of trade was going against me, a great opportunity as the Herd would be eager to jump on this for longs, I would be setting up shorts in strategic places.
It boils down to where you start setting your pending shorts with proper Risk management.
We would definitely revisit this Bitcoin chart in a few weeks and I’ll explain further.
Do stay tuned as this chart is screaming shorts but some might not understand.
This is a clear case of Sell when the Herd are Buying and vice versa, smells like a trap about to happen.
And if you are thinking of going long with the trend, map out your key levels accordingly.
Let’s see how this chart unfolds.