COIN + BTC Short Idea

I'm loving this short entry on COIN here. BTC bounced nicely off of 59K , but has rejected at a pretty important trendline and also has supply above. Meanwhile, COIN is retesting the $221 area. Seems like a perfect trade, but obviously might not work. I'm happy to have bought puts in this area though. Target for BTC is 52K if it breaks $59k. Looking for COIN to hit $200 and then $190.

Commento:

This is honestly one of the best setups I've seen all year, if not the best. We finally had some NQ weakness, breaking below 20k, even though it did bounce back several times. We also had a strong day out of DXY which led to weakness in precious metals and crypto.

A lot of things were lining up for this trade, so it's great to see it pay off. I took some profit on COIN today, but still holding the majority of my puts for now. Looking for a move down to $190 for COIN, it may find support near $208 as well and I'll probably scale out a lot if it hits $200 just in case it holds due to the psychological whole number. BTC could have a much larger sell off it breaks below the critical 59K area.