BTC short opportunity
We have a decent short opportunity potentially opening up with a bearish close of the daily candle in the next few hours. Bearish divergence will confirm (given the candle close) with one more downward day of price action and could run down to the next level of horizontal support over the next several days to the 6000 area. This is emerging as a strong level of support, but it's worth noting that the previous bearish divergence saw a price discount of over 40% from the beginning of May to mid-June (slightly less if you waited patiently for confirmation). A short position over that time frame surely would have cured the Hodler blues and made your presence at the Memorial Day pool party more tolerable.
If the estimated price action comes to fruition, 6000 will be a critical (CRITICAL) level. If we can't hold, I bet we head to the mid-4000's and re-test there. If that fails...we're going to be headed to 3k soon enough. However, I believe (for now) that the 6k region will hold. We could dip down to the 5800's like the last swing low, but with the facts on the ground, prepare to close shorts in the 5800-6100 area and start looking to open longs if the volume and price action is there.
Stay safe out there and keep two hands on the wheel.
If the estimated price action comes to fruition, 6000 will be a critical (CRITICAL) level. If we can't hold, I bet we head to the mid-4000's and re-test there. If that fails...we're going to be headed to 3k soon enough. However, I believe (for now) that the 6k region will hold. We could dip down to the 5800's like the last swing low, but with the facts on the ground, prepare to close shorts in the 5800-6100 area and start looking to open longs if the volume and price action is there.
Stay safe out there and keep two hands on the wheel.
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