Slook my friend, the answer is no! (Magic)

Please join my telegram channel here. I'm starting a 0.1 - 1BTC challenge tomorrow! All trades would be publicly shared. Rekt or (hopefully) rich together!

BTC finally bounced a little, and it seems all isright with the world. But let's zoom in deeper. Deeper than we would usually zoom in. Let's look at structure, demand and supply and important levels.

This is yesterday's BTC chart. I'm not using today's own because I want to point out a few inefficiencies in the above chart

 

I failed to point out the importance of price bouncing from demand, and printing an M30 breaker. My bad, and I'm sorry.

For that reason, I said to look for longs, whereas you should have been looking for shorts.

A number of inefficiencies have appeared, and I believe this is what is known as a "dead cat bounce" and we should be looking to short this thing to hell.

First off, 10000 is a strong support. But it was tested 10 times before we got any reasonable move upwards.

As is popularly known, the more times a support is tested, the stronger it gets.

Well, this can't be any further from the truth.  Support and resistance indicate supply and demand, and multiple tests of a support or resistance level indicates a depletion of said demand/supply. 

So contrary to popular belief, levels get weaker the more they are tested.

10000 was historically resistance for BTC, but has now been flipped to support. However, I feel that we visit the inefficiency below at 9600 to fill the CME gap before we can factor in the possibility of any move up.

Also, the support should not withstand any further tests, or else that would be tantamount to an accumulation and I wouldn't look to play shorts any longer.

That said, I favour shorts until further notice, and will short this recent move up.

Essentially, there are two gaps. One at 10600, the other at 9600. We must fill either of these gaps first before any significant move to either side.

BTC is still rather bullish, as most people would disagree. However, we must fill certain inefficiencies before we continue in either direction.

Thanks for reading.