Bitcoin Shorting Scenario

Hi Traders!

With a lot of bad news in the market covering crypto-affiliated banks going underwater, I think it makes a lot of sense to look at potential shorting scenarios for Bitcoin . Please note: In my weekend analysis post from yesterday, I was laying out a potential long scenario for Bitcoin as we are still range bound between 20k and 25k . Seeing how the market holds up over the weekend is giving me somewhat confidence that Bitcoin could see a leg higher. Before you dabble into this idea, be sure to understand that Bitcoin has also a good chance of recovering from here.

Here are my prerequisites for this trade:
– Legacy markets need to be open
– Legacy markets need to trade in the same direction, this is because we could potentially see Bailouts for SVB or takeovers that could relieve the banking crisis
– Bad news spiral continues on Monday

Here is my Game Plan:
– Bitcoin needs to fall below 20300
– Fast move setting a new low in the 19800 area
– Rebound and touch on 19950
– Retreat to new low and consolidate on the low
– Entry upon break of the new low
– Target 1 19500
– Target 2 18500

Big influencing news can make an impact on your trading strategy, but it is important to understand that macro news is not necessarily a good indicator you should trust, detach yourself from the breaking news world and trade pure price action, cut out the Bullshit and you will see a clear picture.

Please make sure to check out my Bitcoin Long Post and my Market Analysis for a better understanding of where I see Bitcoin going next week.

Thanks for tuning in and enjoy your Sunday!


2 responses to “Bitcoin Shorting Scenario”

  1. Cool stuff!.
    This is what I see in your post
    Thank you for sharing your insights and being realistic about the potential scenarios for Bitcoin trading. It is important to consider all possibilities and trade based on pure price action.
    Thanks, Ely Shemer

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Website Powered by

%d bloggers like this: