Bitcoin is getting ready to go down again. At this point, we are waiting for the market to present us with further confirmation to enter short positions. We entered a short position around $9.2k today which has been playing out really well so far even though EUR/USD is showing temporary signs of strength which has led to confusing price action in Bitcoin as well.
The situation on ground is not in favor of the bulls. The bullish momentum is gone and it is only a matter of time that the bears gain full control of BTC/USD. The final frontier is the bottom of the symmetrical triangle. If we see a break below that, the bulls are done and we would see a strong downtrend follow from there. It is important to have a good understanding of risk/reward here because it all comes down to how much you win when you are right and how much you lose when you are wrong.
The S&P 500 (SPX) is very close to breaking below a key trend line support which would pave the way for a major downtrend. This is a time that we have been waiting for since March. We need to see a decisive break below that trend line support to enter bearish positions because upcoming bearish opportunities in both the stock market and the cryptocurrency market are too important to miss and together, we aim to make the best of them.