BitcoinShort
Potential last short opportunity near the last local top
P&L 4:1
Support (previous high)
Resistance 3680, 3550, 3230
Target 3100 (previous low)
Stop Loss 4100
Bitcoin retraced to the .786 fibonacci level around 4k and has closed below the downward trending resistance line establish in November of last year.
RSI is around 70 which has led to a sharp drop off in price for more than a year.
Shorts are in a range that has often led to a reversal and longs have fallen sharply.
Short at these levels and take profits at the target while holding a decent percentage for a continuation of a sell off to new lows.
Support (previous high)
Resistance 3680, 3550, 3230
Target 3100 (previous low)
Stop Loss 4100
Bitcoin retraced to the .786 fibonacci level around 4k and has closed below the downward trending resistance line establish in November of last year.
RSI is around 70 which has led to a sharp drop off in price for more than a year.
Shorts are in a range that has often led to a reversal and longs have fallen sharply.
Short at these levels and take profits at the target while holding a decent percentage for a continuation of a sell off to new lows.
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