Bitcoin Breaking Second Bear Channel - Down We Go
#bitcoin #crypto #cryptocurrency #btcusd
Trading Fam,
If you’ve been following me for any length of time, no surprises here. I told you long ago that 81k was our line in the sand. The bulls gave us a touch and were immediately exhausted, dropping us all the way back down to the bottom of our bear channel. I was honestly expecting a little bit of a bounce here, but the bulls couldn’t even muster enough energy to do that. At every turn, the bulls have continually surprised me with their lack of strength. I have almost always given them far more credit than they deserve, and then I am forced to apologize to my followers for doing so.
You all know I shorted BTC at 81k. I then sold at the bottom of my channel. If we do go back up to retest the underside of that channel, I will look to re-enter my short position. You all are familiar with my longer-term downside targets, 49-52k, and once again, I am probably giving these weak-ass bulls far too much credit. They may not even be able to hold those levels. But I digress.
A good short entry can be found at the bottom of that ascending bear channel or that 100-day SMA (gray), whichever is retested first.
Best to you all.
✌️Stew
