Short BTC
After Bitcoin retraced nearly 19% from its recent highs, I believe it hasn’t yet reached the average cycle correction of around 22%, which could take the price down to about $57,500. In a more bearish scenario, the correction could deepen to 25%, or even extend toward $50,000.
Factoring in U.S. Federal Reserve interest rate cuts, will drive short-term volatility, it is likely that it will lead to market downturns before any stable recovery. Even if BTC does put higher and reach near $65,000,the short term upside would be capped as major selling pressure is likely to appear there. This makes the $60,500 level a reasonable point to short with a target of
around $59,000 at the 200EMA.
Factoring in U.S. Federal Reserve interest rate cuts, will drive short-term volatility, it is likely that it will lead to market downturns before any stable recovery. Even if BTC does put higher and reach near $65,000,the short term upside would be capped as major selling pressure is likely to appear there. This makes the $60,500 level a reasonable point to short with a target of
around $59,000 at the 200EMA.
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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.
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.