I am sharing a thesis on BTC I have been tracking for the last few weeks. Now before you call me crazy for wanting to "Short" BTC or being a bear, this is solely a Swing Trade Idea for the Short/Mid Term Time Line. In No way do I not support Crypto, and am not bullish on the Crypto Market LONG-Term.
This mid/short term thesis involves the WEEKLY & Daily Time frame of $BTC
BTCUSD
As you can see from viewing the $BTC chart on the weekly & daily time frame, a Head and Shoulders trend pattern is being printed out. As we are witnessing now, the 2nd high is hitting the resistance from the First Shoulder Level right around $50,000. This rejection we are seeing on the daily and weekly is printing out the Right Hand Shoulder of this Pattern.
With this thesis in mind, I'd also like to add that the TTM_SQUEEZE Indicator is indicating a bearish Reversal in the coming weeks. Similar to the TTM_SQUEEZE displayed back in May & June. So with this strong Bearish view on the Technical Indicator, and clean head & shoulders printout on the chart after a massive run this year, I think it is fair to say BTC could see another hefty pullback.
With this information in mind, a Shorting position on BTC or BTC tracking assets could be an ideal play.
This mid/short term thesis involves the WEEKLY & Daily Time frame of $BTC
BTCUSD
As you can see from viewing the $BTC chart on the weekly & daily time frame, a Head and Shoulders trend pattern is being printed out. As we are witnessing now, the 2nd high is hitting the resistance from the First Shoulder Level right around $50,000. This rejection we are seeing on the daily and weekly is printing out the Right Hand Shoulder of this Pattern.
With this thesis in mind, I'd also like to add that the TTM_SQUEEZE Indicator is indicating a bearish Reversal in the coming weeks. Similar to the TTM_SQUEEZE displayed back in May & June. So with this strong Bearish view on the Technical Indicator, and clean head & shoulders printout on the chart after a massive run this year, I think it is fair to say BTC could see another hefty pullback.
With this information in mind, a Shorting position on BTC or BTC tracking assets could be an ideal play.
Comment:
I would like to add it has some large support levels to break. Specifically $45000 / $46000 level to break to the downside before more confirmation.
Trade active:
Big Push from the Short Side breaking down under the neck-line and large support levels.
This is is big support.
This is is big support.
Trade active:
Trimming more puts here near the $41k level.
Some Strikes up near 800% + from original post.
Some Strikes up near 800% + from original post.
Comment:
Trimmed more puts today.
Trade active:
ADDED more puts near the $45k resistance level REJECTION!
Still Holding Puts
Still Holding Puts