Lorenz_Capital

Bitcoin - Short Setup On the Daily

Short
COINBASE:BTCUSD   Bitcoin
I think we will see a pull back next week for $BTC and therefore the entire crypto market. Critical TA to note is the re-test of the trendline break (yellow). I believe we will need to test the 6k floor support at some point, and with a daily RSI stretched passed 80% in combination with a few other key indicators (on chart), this presents a great opportunity to lock in profits and reverse short. I will be looking to close shorts and re-enter long around the low 7's, in combination with an oversold 4H RSi.

Short entry $7,900 - stop $8,150

Take Profit - $7,000

Good luck, hit thumbs up

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