BTC is currently in a short setup on the hourly, with targets leading down to the 61.8 of the bullish setup seen most clearly on the daily chart. There is a maxim regarding this that goes: "whichever trades first". The intermediate term bullish 50% retrace still hasn't traded, so bulls theoretically haven't opened positions, but the 50% retrace on the hourly short setup HAS traded TWICE. The good news is that shorts are on and if they can't break lows, there should be a squeeze. In any event, according to the system, there is no bullish confirmation until the 61.8 of the short setup is taken out. So, we're in a short, and we either go to targets or it gets nullified, and longs are extremely speculative and currently considered to be counter trend trades on the short term time frame until we get bullish confirmation of the break of the 61.8 short (on the short term time frame - it's important to distinguish between time frames). Once we get that, then the green light comes back on. 👍