BitcoinShort
BTC/USD high probability short setup
BTC/USD currently having slower momentum to the upside after the long awaited bullish trend. Price topped out at 42532dollars and formed a new lower low level at 37536dollars, breaking the previous low of 38335dollars. This is a high probability short setup and price may be dropping lower towards 35000USD mark, which on higher timeframe would be a very healthy move for a bullish setup. A retracement is needed to continue the next bullish leg towards 50kUSD mark. Looking at the price action itself we can see a uptrend (HH and HL) being reversed, as price exceeded the previous low level and created a new lower low.
I expect price to reach 40-41k USD area before dropping down towards the 34-35kUSD support zone, where the Fib 61.8 level will assist in alignment with the 35kUSD key psychological level. But there is possibility that price may drop even lower towards 32kUSD mark, as there is an imbalance between 61.8 and 78.6 Fib levels.
In order to short BTC from 40-41k zone, stops should be place at previous high of 42532USD.
Can't wait to see how this plays out, as the last time I predicted BTC crash in the beginning of May, we had the exact same setup playing out, so the probability is very high!
I expect price to reach 40-41k USD area before dropping down towards the 34-35kUSD support zone, where the Fib 61.8 level will assist in alignment with the 35kUSD key psychological level. But there is possibility that price may drop even lower towards 32kUSD mark, as there is an imbalance between 61.8 and 78.6 Fib levels.
In order to short BTC from 40-41k zone, stops should be place at previous high of 42532USD.
Can't wait to see how this plays out, as the last time I predicted BTC crash in the beginning of May, we had the exact same setup playing out, so the probability is very high!
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