The daily chart for Bitcoin at $BTC gave a short signal at 77000. The current price is 76850, so we can short directly. Daily signals are rare, and once my indicator gives a daily signal, we usually see a decent drop. Let's keep an eye on the 70818 level!
Even without looking at the indicators, it's clear to everyone that Bitcoin's rebound over the past few days has been very weak. The rise in the US stock market isn't pulling it up either, so since it's showing weakness, there's no reason not to short! The monthly chart has also crossed bearish. Based on a bear market scenario, if we calculate a 70% drop in price, the bottom should be around the 40000-38000 range. Hold on to those shorts; don't sweat the 1-2k price fluctuations. Lengthen your timeframe to capture significant profits.
Even without looking at the indicators, it's clear to everyone that Bitcoin's rebound over the past few days has been very weak. The rise in the US stock market isn't pulling it up either, so since it's showing weakness, there's no reason not to short! The monthly chart has also crossed bearish. Based on a bear market scenario, if we calculate a 70% drop in price, the bottom should be around the 40000-38000 range. Hold on to those shorts; don't sweat the 1-2k price fluctuations. Lengthen your timeframe to capture significant profits.