$COIN Short

COIN

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 MARA $9 for many weeks and it seems that buyers are exhausted. A break of $9 should see a move down to $8.50.