Bitcoin is printing a bearflag on the daily with a huge "fuck you, bulls" candle yesterday. If you looked at my last post you'll see I was expecting a dead cat bounce to 6.8k - 7k. I now believe bulls are running out of time to put together a bounce, and if we don't see a bounce soon, the shooting star wick we got into the 7k range might have been the "bounce". Consolidation after a big move typically leads to continuation, not a trend reversal. The NOT so inconspicuous "elephant in the room" is the number of open shorts. From what I've picked up in general market sentiment, the majority of people are expecting a short squeeze or dead cat bounce. Most of them aren't considering the possibility that we DON'T get a squeeze this time, and the wick into the 7k range WAS the bounce. We'll have to wait and see for confirmation. Siding with the "crowded bears" for now based purely on price action and ignoring the shorts / longs situation.
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