Shorting Bitcoin at $62,000

29 feb

Bitcoin bears have been getting wrecked for the past few months, but I think Bitcoin is finally forming a peak here. I'm willing to take my chances and will exit my trade if BTC continues to show bullishness above 64k. So far this week Bitcoin has increased by 14K in just 3 days.

I shorted at 62k, the price is now above my entry at around 62.9k. I'm comfortable leaving my shorts opened as long as Bitcoin doesn't continue climbing above 63.9k. Ideally I would like to see a strong move down over the next few days. For now I'm still leaving my shorts opened and will see how things are trending later

BTC had a rejection near 63.9k and is starting to show some weakness here. I'll give another update later today to see how things are looking. Yesterday I emphasized that the the $61,561 price level is a key price level to monitor, and this remains as my key price level today as well. BTC is trying to find support here and ideally I would like to see a failed support that leads to a drop down lower.