Shorting The 38% Retracement In Bitcoin (BTC)

After a period of considerable strife surrounding Bitcoin ( BTC ) ETF approval, the crypto sphere has rebounded. BTC itself is in the midst of a three-day winning streak, a far cry from the pain of early August.

For the near future, I will be looking to sell BTC from the $6849 level. With an initial stop at $7001, this trade yields 150 ticks/pips when implementing a tight 1:1 risk vs reward ratio.

It has been a solid seven days for the big four cryptos. In the event the rally holds strong, this trade may come into play in coming days.
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