After BTC broke below the 70,000 mark, it showed no sign of stopping. This is the slow, painful downward trend I told everyone about.
After Bitcoin fell below 70,000 yesterday morning, all our short positions successfully took profit at 69,800. The short opened at 81,000 banked 12,000 points. The earlier short opened at 84,700 and closed at 79,000 banked 5,000 points, bringing the total to 16,000 points. The earlier short opened at 85,700 and closed at 80,000 banked another 4,000 points, bringing the total profit to over 20,000 points.
However, based on current market conditions, Bitcoin is still nowhere near its bottom. This correction has already broken the broader bullish structure, and the price is very likely to keep falling toward the 58,000 area. So the strategy now should be to short on rallies. Now that we’ve taken profit on all our short positions, we’ll wait for Bitcoin’s next bounce and then enter new shorts.
For BTC, the resistance zone for short positions is 76,000–77,600. Keep an eye on this area after a rebound.
After Bitcoin fell below 70,000 yesterday morning, all our short positions successfully took profit at 69,800. The short opened at 81,000 banked 12,000 points. The earlier short opened at 84,700 and closed at 79,000 banked 5,000 points, bringing the total to 16,000 points. The earlier short opened at 85,700 and closed at 80,000 banked another 4,000 points, bringing the total profit to over 20,000 points.
However, based on current market conditions, Bitcoin is still nowhere near its bottom. This correction has already broken the broader bullish structure, and the price is very likely to keep falling toward the 58,000 area. So the strategy now should be to short on rallies. Now that we’ve taken profit on all our short positions, we’ll wait for Bitcoin’s next bounce and then enter new shorts.
For BTC, the resistance zone for short positions is 76,000–77,600. Keep an eye on this area after a rebound.
