Bitcoin- where to sell short?

Mar 17, 2021

I want to be clear, I'm bullish Bitcoin in the long run, but I'm also a speculator and I know that markets don't have only one direction and things are not so simple as buy at 50k- take profit at 75k. If it were like this, we all would be millionaires.
That being said, if we look at the chart we see that after the new ATH above 60k, Bitcoin took a quick dive to 53500 and now is recovering. This rise is corrective in nature and looks like is forming a flag.
At this point, in my opinion, 60k is a very strong ceiling and rallies towards that zone should be considered good opportunities for short trades.
My sell zone is 58500-59000 and, as I said before, I expect 52k support to be touched in the next period.
Of course that I can be wrong, that's why my SL will be put above the recent ATH.

All the best
Mihai Iacob

Mar 17, 2021

Note

Btc is breaking under support...
We already can have a lower high
52 is in focus after the break

Mar 18, 2021

Trade active

Sold @ 59.000
SL @ 62.000
TP @ 52.000

1:2.5 r:r