Bitcoin Shorting Scenario
Hi Traders!
With a lot of bad news in the market covering crypto-affiliated banks going underwater, I think it makes a lot of sense to look at potential shorting scenarios for Bitcoin. Please note: In my weekend analysis post from yesterday, I was laying out a potential long scenario for Bitcoin as we are still range bound between 20k and 25k. Seeing how the market holds up over the weekend is giving me somewhat confidence that Bitcoin could see a leg higher. Before you dabble into this idea, be sure to understand that Bitcoin has also a good chance of recovering from here.
Here are my prerequisites for this trade:
- Legacy markets need to be open
- Legacy markets need to trade in the same direction, this is because we could potentially see Bailouts for SVB or takeovers that could relieve the banking crisis
- Bad news spiral continues on Monday
Here is my Game Plan:
- Bitcoin needs to fall below 20300
- Fast move setting a new low in the 19800 area
- Rebound and touch on 19950
- Retreat to new low and consolidate on the low
- Entry upon break of the new low
- Target 1 19500
- Target 2 18500
Big influencing news can make an impact on your trading strategy, but it is important to understand that macro news is not necessarily a good indicator you should trust, detach yourself from the breaking news world and trade pure price action, cut out the Bullshit and you will see a clear picture.
Please make sure to check out my Bitcoin Long Post and my Market Analysis for a better understanding of where I see Bitcoin going next week.
Thanks for tuning in and enjoy your Sunday!
Best
CH
With a lot of bad news in the market covering crypto-affiliated banks going underwater, I think it makes a lot of sense to look at potential shorting scenarios for Bitcoin. Please note: In my weekend analysis post from yesterday, I was laying out a potential long scenario for Bitcoin as we are still range bound between 20k and 25k. Seeing how the market holds up over the weekend is giving me somewhat confidence that Bitcoin could see a leg higher. Before you dabble into this idea, be sure to understand that Bitcoin has also a good chance of recovering from here.
Here are my prerequisites for this trade:
- Legacy markets need to be open
- Legacy markets need to trade in the same direction, this is because we could potentially see Bailouts for SVB or takeovers that could relieve the banking crisis
- Bad news spiral continues on Monday
Here is my Game Plan:
- Bitcoin needs to fall below 20300
- Fast move setting a new low in the 19800 area
- Rebound and touch on 19950
- Retreat to new low and consolidate on the low
- Entry upon break of the new low
- Target 1 19500
- Target 2 18500
Big influencing news can make an impact on your trading strategy, but it is important to understand that macro news is not necessarily a good indicator you should trust, detach yourself from the breaking news world and trade pure price action, cut out the Bullshit and you will see a clear picture.
Please make sure to check out my Bitcoin Long Post and my Market Analysis for a better understanding of where I see Bitcoin going next week.
Thanks for tuning in and enjoy your Sunday!
Best
CH
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