By Margin Hero | Market Analysis

Mar 11

Bears Coming to Play?

I hate to be the bearer of bad news, but I think Bitcoin will be running out of steam and we will see bearish continuation in the next few weeks. I currently exited all long with an average of $4065. BTC may make another upwards thrust to test the 200MA on the daily ($4900); however, the risk to reward just isn’t there since I am anticipating a BIG MOVE downwards.

Don’t Worry, Be Happy!

Don’t get mad at me with being bearish, look at this as an opportunity to buy more at a great discounted price. The target I see is right around $2730-$2840. Keep in mind we can wick down to $1800 depending on how volatile the drop is.

I DO NOT have any bids placed as I want to see confirmation of support before buying back my stack.

My Pans With Crypto:

So how do I plan to play BTC? I am waiting for confirmation of rejection, and then I will open a small short position.

Trade safe out there, and remember, the bottom is near!