Bitcoin 200-day EMA Rejection Short Short

Bitcoin / United States DollarCoinbase

Description

⋅ May 21, 2021 3:53 AM

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.

Comments

ThisIsOverSoon

⋅ May 21, 2021 5:05 AM

OF COURSE it’s rejecting.
Bears ans Bulls are in a massive fight now and every good analysis (like yours) is taking a frontrun.

What matters now is “exhaustion” of either bulls or bears: volumes.
Currently volumes are low, everybody is looking at the other side.
=> look at how (volume) wicks are evolving.

Sideways $39-42K is the most probable scenario now until markets decide where to move

Cryptomania2363

⋅ May 21, 2021 5:03 AM

Nah we going to 100k