Two possible short sell opportunities if you have bearish sentiment on BTCUSD.
1. Failure of break above resistance ~11,850.00 will result in me entering a short position in anticipation of further selling until it loses steam at the previous breakout (~11550.00 area). This is my TP. This also coincides with fib 38.2% zone.
See white arrows.
Note: You can...
1. Consolidation (Push up early buyers)
2. Consolidation (Push down - buyers liquidating + sellers trying to stack position)
3. Real buyers trying to move the market higher
4. Short-term buy positions liquidated/Sellers try to push price back down
5. Sellers are exhausted and BUYING continues
6. Sellers try to push back down but now realize they are trapped.
7....
After strong impulse move up, it was followed by 78.6% fib retracement.
Lack of conviction in buying during this time, but right at 78.6% fib area we see stronger bull movement.
Bulls may be lurking there to catch late sellers.
