Bitcoin holds Weekly resistance

11500 was the key level. The last move down did not quite get to my target of 5k but I am still long term bearish. Price came back up to a major weekly Ichimoku resistance and held last week. If this move follows through it could continue all the way down to my afore mentioned target. I've effectively hedged my Bitcoin holdings at this point to be delta neutral with a slight positive futures premium. It's unfortunate that the days of 18% futures premiums are for now history.

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Closed hedge after 5 days of over -25%. Will look to reposition. Wrote another idea.