Bitcoin still looks Bearish - Profit Target for Shorts now <$25K
Update on my #BTCUSD chart from yesterday, this time showing the hourly chart with the symmetrical triangle Bitcoin is in now adjusted slightly.
After my post yesterday BTC moved upwards strongly from $31K to test the upper border of the triangle at $35K, but was rejected falling back to $32K. The EMA ribbon and hourly and 4/24 chart patterns continue to look bearish, and if BTC now breaks down out of the triangle going under $31K then Scenario 1 on my chart with the big fall in bitcoin price to the $26-28K target range I predicted in my post yesterday continues to be most likely with an even bigger fall in the profit-taking target to $22.5K from the length of the redrawn triangle today. The less likely Scenrio 2 is that Bitcoin breaks up through the upper border of the current triangle at $35K, with a bullish run then up to a target price of ~$43K.
So I suggest you have your crypto portfolio prepared for a possible 12.5-25% fall in Bitcoins USD price, and consider a leveraged SHORT futures position to take advantage of that likely fall.
Comments and other ideas most welcome.
After my post yesterday BTC moved upwards strongly from $31K to test the upper border of the triangle at $35K, but was rejected falling back to $32K. The EMA ribbon and hourly and 4/24 chart patterns continue to look bearish, and if BTC now breaks down out of the triangle going under $31K then Scenario 1 on my chart with the big fall in bitcoin price to the $26-28K target range I predicted in my post yesterday continues to be most likely with an even bigger fall in the profit-taking target to $22.5K from the length of the redrawn triangle today. The less likely Scenrio 2 is that Bitcoin breaks up through the upper border of the current triangle at $35K, with a bullish run then up to a target price of ~$43K.
So I suggest you have your crypto portfolio prepared for a possible 12.5-25% fall in Bitcoins USD price, and consider a leveraged SHORT futures position to take advantage of that likely fall.
Comments and other ideas most welcome.
