DEALERBTC $BTC #BITCOIN My Thoughts: Conditional Short Option
In my opinion, the local price action over the last few days tells me that the price wants to go at least deeper down to the $62,000 region to wipe out greedy buyers and see if there are enough buyers willing to pick it up at a discount.
Yes, I generally have been bullish but I haven't had my expectations met just yet. Keep in mind that when I published my BTC Consolidation trade idea I had mentioned that I expect price to consolidate until around mid June (see linked trade idea).
The recent kaboom in many altcoins tells me that people are generally in a greedy state of mind of buying and holding. Not to mention the classic top signal of celebrities getting involved. Combined with a new monthly candle, I believe it is a great time for bears to test the waters. If price breaks down below $62,000 I believe the pivot at $56,552 will be tested for support. If support is not established and price breaks below $54,000, it is my opinion that a deeper discount will be reached at $48,000.
Yes, this is all conditional, but I believe the risk is worth the reward considering recent price behavior and general sentiment.
This trade idea is not financial advice. I am not any kind of financial advisor.
Thanks for hitting the like button and for following me!
Yes, I generally have been bullish but I haven't had my expectations met just yet. Keep in mind that when I published my BTC Consolidation trade idea I had mentioned that I expect price to consolidate until around mid June (see linked trade idea).
The recent kaboom in many altcoins tells me that people are generally in a greedy state of mind of buying and holding. Not to mention the classic top signal of celebrities getting involved. Combined with a new monthly candle, I believe it is a great time for bears to test the waters. If price breaks down below $62,000 I believe the pivot at $56,552 will be tested for support. If support is not established and price breaks below $54,000, it is my opinion that a deeper discount will be reached at $48,000.
Yes, this is all conditional, but I believe the risk is worth the reward considering recent price behavior and general sentiment.
This trade idea is not financial advice. I am not any kind of financial advisor.
Thanks for hitting the like button and for following me!
Do you like my analysis? Do you want to stop paying for stop losses and make money? Come trade with me in my private Discord group with this link discord.gg/q5Q7GzVD3h - Send me a DM to start.
