Seth-Goldberg

Bitcoin 200-day EMA Rejection Short

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Play on rejection of 200-day EMA after bulls fail to break the downtrend with tight stop loss.

Entry: 41,000
Stop Loss: 44,000
Target Price #1: 35,000
Target Price #2: 30,000
Target Price #3: 25,000

At each price target move stop loss to 10% over target value.


Reasoning:
  • First dip below 200-day EMA of the bull run. Sharp rejection possible.
  • Potential government intervention in US and China.
  • High volume selling along with increased volatility .

Risks:
  • Celebrity pumps can trigger tight stop losses on shorts.
  • Rapid bounce after first drop indicates strong buying power ready to deploy.
  • Bullish L2 news could cause rapid trend reversal to highs.