Short

$COIN Short

I like the Idea of Shorting Coin.
Nothing to complicated guys and girls.

$55 short to a Target Fib Level of $52.84.

- Friday close was bearish with huge selling volumes end of day
- Stochastic RSI is forming an indicative pull back move
- RSI 14 Day Average shows trend breakdown with low buying resistance and higher selling resistance picking up
- AD / DX turning bearish with red bearish line resembling confluence/diversion to a bearish move up of the red line.
- Trading below 20/50/100 SMA already

Trade Idea with Options Derivatives is Puts, ideally in the money $55 and to $50, this is the trade for this week 22nd May 2023.
For confirmation must watch NASDAQ / Tech 100 and Bitcoin for confirmation.
I would be also watching for weakness in Crypto mining stocks, there was plenty of covered call selling on $9 for many weeks and it seems that buyers are exhausted. A break of $9 should see a move down to $8.50.

Gb_Casanova

Gb Casanova

Also on:

Gb_Casanova

Gb Casanova

Also on:

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.