BTC short idea

Jul 10

Well its kind of disappointing to see btc rejected that daily 200. As you can see we have a LTF trend line break. I caught that move up and took profit but i did not expect it to retrace like it did. I think it caught alot of people off guard. We now got pulled back into the previous Value Area. I think if this daily closes again below that 200 its going to get bad. So now i am hedging short. Targeting 52k area but it looks like the bottom may come in at around 48k. I know thats a bold statement and no one can call the "bottom" but there are several confluences for that level. So for now i am short and bearish on btc.