BTC just lost 70K. My shorts went 9 for 10 today, and I am still not chasing this one.
Today's board: 84.6% win rate, 11 wins / 2 losses, 3 trades still open.
Why $BTC
dumped:
• Fed hike fears. Markets now lean toward a rate hike as soon as December
• MSCI is dropping Strategy, the biggest BTC treasury buyer, from its indexes on Nov 30
• Under 70K, about 622M USD of longs got liquidated in 4 hours. Forced selling did the rest
Weekly chart:
• Week opened 74.8K, now 68.8K (-8%). 6 red weeks out of the last 8
• Lost the weekly 20 EMA (75.9K) and 50 EMA (78K). 80K is now resistance
• Price sits right on the 200-week MA near 68K. The last test in June-July held and bounced to 87K
• Weekly RSI 41.6. Weak, not oversold
Levels I am watching:
68,000 - 200-week MA, the line that matters this week
74,800 - week open, first target if 68K holds
60,000 - next stop on a weekly close below 68K
57,760 - 52-week low
My read: trend is down, but shorting straight into the 200-week MA is late. A weekly close below 68K opens 60K. Holding it means a relief bounce first.
Where does this week close: above or below 68K? Drop your call below 👇
Follow me for the daily win-rate board and the next setup before it triggers.
Not financial advice.
Today's board: 84.6% win rate, 11 wins / 2 losses, 3 trades still open.
Why $BTC
dumped:
• Fed hike fears. Markets now lean toward a rate hike as soon as December
• MSCI is dropping Strategy, the biggest BTC treasury buyer, from its indexes on Nov 30
• Under 70K, about 622M USD of longs got liquidated in 4 hours. Forced selling did the rest
Weekly chart:
• Week opened 74.8K, now 68.8K (-8%). 6 red weeks out of the last 8
• Lost the weekly 20 EMA (75.9K) and 50 EMA (78K). 80K is now resistance
• Price sits right on the 200-week MA near 68K. The last test in June-July held and bounced to 87K
• Weekly RSI 41.6. Weak, not oversold
Levels I am watching:
68,000 - 200-week MA, the line that matters this week
74,800 - week open, first target if 68K holds
60,000 - next stop on a weekly close below 68K
57,760 - 52-week low
My read: trend is down, but shorting straight into the 200-week MA is late. A weekly close below 68K opens 60K. Holding it means a relief bounce first.
Where does this week close: above or below 68K? Drop your call below 👇
Follow me for the daily win-rate board and the next setup before it triggers.
Not financial advice.
