BTCUSD Not ready for Breakout!! Short $14,000usd
BTCUSDIs bitcoin forking from reality? Or is it a really good time to sell?
"Who’s nervous about the outcome of the US presidential election? Not the markets. Bitcoin is up above $14,000 and stocks are soaring."- Decrypt, Nov 4, 2020.
I wont provide a very long explanation to why I'm short as I believe the chart speaks for itself.
Bitcoin is playing in a dangerous resistance zone, as we see that $ 13,800 marks the highest point in the markets for 2019. Additionally, this coin has proven to be one of the most cyclical coins out there, which supports the fact that what happened a couple months ago on Sept 6th is likely to repeat again, as we may see a retracement back to $12,000 before new highs.
Again I'm not financial advice, but setting a stop loss above $14,000 and a target at $12,000 seems pretty reasonable for me in the execution of this short.
Note that we are in one of the strongest bull markets that we've seen in recent years, so any continuation signal without a pullback, should be considered as an exit signal.
Trade at your own risk.
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