Hi traders, let's look at Bitcoin.

Bitcoin.

• On the larger time frame, we're looking very heavy and very much in a distribution phase with lots of downside potential;

• The daily chart doesn't look much better, we're moving inside a descending triangle and we've started forming a bearflag ever since we were unable to break back into the $9500/$11k consolidation range;

• It's still possible we find support at $8500 but looking more and more unlikely unless the market sentiment takes a dramatic bull turn.

Strategy.

• I've closed my unsuccessful breakout trade and I am back 100% in cash, looking for better markets conditions to trade which would be either a consolidation that looks like accumulation (prolonged flat price action) or a massive wash out to previous support at $6;

• In a bear market it's best to be patient and wait for big moves rather than trade the chops, which usually result in losing money.

If you'd like more content like that or if you love crypto in general, come join our awesome community on Discord here, it's free!!

Also, go check out my new feature review with @deanliu, this time on the Tezos project.

Cheers.