Looking at Bitcoin right now, it's kind of hard to view it as a short opportunity on it's face. That said, I'd be kind of surprised if we didn't finish the road down to $5,000 before finally bouncing upwards. We have gotten so close to retesting that resistance as support, it'd be a bit odd to bounce here. As you can see, the 1H chart is looking fairly bearish as well, with MACD nearing a cross down as well as Sqz Momentum. So for now, I'm still expecting one volatile rush down at some point this weekend.
This could potentially be a great opportunity to short Bitcoin on a leverage trading platform.
Watch for the bottom of this pennant at around $5500, if that fails to hold and volatility comes in, then $5000 is without question on the table.
This could potentially be a great opportunity to short Bitcoin on a leverage trading platform.
Watch for the bottom of this pennant at around $5500, if that fails to hold and volatility comes in, then $5000 is without question on the table.
Note
There is the possibility of us breaking upwards due to a recent scenario: $50,000,000 in Tether has been moved to the Bitfinex exchange, potentially leading to a pump in Bitcoin. Let's see what happens!
twitter.com/MilesBlack5/status/1063839484645658625
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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.