Its always a ungrateful job to try short Bitcoin, the asset has been crushing Bears day in day out. However, the daily chart finally signaled a Bearish setup, so lets try to take some advantage on this.
The setup here is a Bearish Pivot that was formed after the rejection of the 76.4% of the fibonacci retracement from the last bearish movement. The criteria to this breakout was met after the price went trough the $53,221 with a huge volume and a sucessful retest of this level. The Targets and Stop on this scenario are:
Targets:
1) $47,930.41
2) $ 44,660.17
3) $ 39,369.58
4) $ 36,099.34
Stop: $ 60,083.25
Try to especulate what is behind this movent, seems pretty useless to me right now honestly. Could be a complex connection with the recently behavior of the yield curves, or simply a group of Bitcoin holders that are willing to take profit and crash the market on the way. So always do your on research, manage your own risks and have fun on the market.
Thanks for reading and comments are always welcome, as usual!
Have a nice one
P.S: If you are a perma bull, I salute you but try to don´t get mad at me, I love BTC too.
"I'm having a major hat crisis. ..." - Ash Ketchum
The setup here is a Bearish Pivot that was formed after the rejection of the 76.4% of the fibonacci retracement from the last bearish movement. The criteria to this breakout was met after the price went trough the $53,221 with a huge volume and a sucessful retest of this level. The Targets and Stop on this scenario are:
Targets:
1) $47,930.41
2) $ 44,660.17
3) $ 39,369.58
4) $ 36,099.34
Stop: $ 60,083.25
Try to especulate what is behind this movent, seems pretty useless to me right now honestly. Could be a complex connection with the recently behavior of the yield curves, or simply a group of Bitcoin holders that are willing to take profit and crash the market on the way. So always do your on research, manage your own risks and have fun on the market.
Thanks for reading and comments are always welcome, as usual!
Have a nice one
P.S: If you are a perma bull, I salute you but try to don´t get mad at me, I love BTC too.
"I'm having a major hat crisis. ..." - Ash Ketchum
Trade closed: stop reached