Bitcoin is bearish right now.
Updated
Just broke $49,444 support. Short until further notice.
Note
Bitcoin is nearing support zone, in places like these you can consider closing your short and see what the market will do. We can re-enter once again later.Trade closed: target reached
We reached current support floor, we made a nice 6.4% profit.
Now we just have to wait until further price movement is available.
We can re-enter at this level if price breaks support.
If this support level holds i will likely create a new trade setup with the new information.
Trade active
Short until further notice.Trade closed: target reached
Our short gave us a good profit, we made 8% profit at this moment.That's why we took profit 70% of our position, we will take the rest at 42,800.
Note
We had a good week with 2 profitable shorts 6.4% & 8%.Right now BTCUSD is hanging above our 42409 middle support. (purple line)
IMO this is a very important support, if we break this support we might have to brace ourselves for a third downleg.
Note
There's a very real possibility of BTC reaching 34.9K. Literally no support is holding and the price is continuing to fall. Brace yourselves for the worst.We will not short in this zone as the risk is higher than reward. We will stand at the sidelines with cash, ready for a better opportunity. For everyone else wanting to short, GL.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.