BTC/USDT Short to $50k

BTC/USDT has fallen below the 200MA on the 1H chart and a sharp triggering a massive sell off which looks like it is likely to continue down to previous support levels at $50,500. Expect a 15% drop over the next 24 hours.

Trade active:

First entry successfully reached TP1 but was stopped out in the overnight hours. The 20MA trend is still looking bearish, however, on the 1H period. Look for re-entry $54,200, once we get confirmation of a close below the 1H middle Bollinger. With the re-entry, TP points have been adjusted as well. Looking a short TP1 around $51,700 with TP2 around $50k and an optimistic TP3 around the March 5th support marker at $48,300. Will likely not hit TP3. Planning to activate a loose trailing stop if movement continues down after $50k.

Comment:

Successful re-entry at $53013. Currently watching to verify support line at $51000 has broken. Looking for take profit of around 5% around the $50k marker where significant psychological threshold will likely provide a new price floor for the rest of the weekend.

Trade closed: target reached:

A sudden downturn in the price has taken the price down to $50k as expected reaching take profit target. Expecting $50k to hold. Look for support failure to lead to further decline. Support here will likely rally back to $53k at which point, be on the lookout for a re-test of the $50k floor.