BTCDOWN is on the brink of a breakout from the looks of things and if it confirms above the $0.062 level, the inverted asset could see a 56% move to the upside before running into any true resistance.
This of course could mean very bad things for Bitcoin and the crypto market unfortunately.
If you are a Bitcoin bull, you are praying for a rejection here and ultimately a breaking of the green trendline which has given BTCDOWN higher low after higher low since bottoming back in April.
If you are a Bitcoin bear, then this may be the trade for you as there is juicy upside here without the need for any leverage.
A close eye will need to be watched on this one as the unlocking of Grayscale bitcoin on July 18 looms.