COIN Bear Flag
COIN saw some relief after the recent BTC sell off, but is still very weak. A lot can change after FOMC, but for now I'd say it looks rough. It just had a bear flag break you can see previously and is setting up for another.
We also have the BTC bear flag I posted about earlier in the week. BTC had a fakeout below, but has broken back below again. If we see COIN and BTC have these bear flag breaks at the same time I'd wanna be looking for shorts. In addition, we have the $162 area on COIN that could act as horizontal support. If the bear flag and horizontal support break, look out below. Any holds of this are could reset in a nice recovery, but for now technicals say down. Final flag pole target is down around $93.20. I'd probably just exit if and when BTC hits 50k.
We also have the BTC bear flag I posted about earlier in the week. BTC had a fakeout below, but has broken back below again. If we see COIN and BTC have these bear flag breaks at the same time I'd wanna be looking for shorts. In addition, we have the $162 area on COIN that could act as horizontal support. If the bear flag and horizontal support break, look out below. Any holds of this are could reset in a nice recovery, but for now technicals say down. Final flag pole target is down around $93.20. I'd probably just exit if and when BTC hits 50k.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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