BTC has been drawing lower highs and lower lows for the past few days suggesting the presence of a bear market. Furthermore, the coin appears to be drawing a large bearish bat pattern. The RSI is also largely overbought. In my opinion, the coin has just pumped to take out stop-loss from short traders.
I expect a continuation from the downward weekly momentum and suggest we could be close to a local high.
Short between 47k- 48k Stoploss: 49.2k Take Profit: 44k, 41k and 38k
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BTC has went against our ideas and has decided to first pump to the larger time frame resistance before resuming the downtrend.