Bitcoin 4 Hour Tweezer Top - Near Term

I see a tweezer top forming on the Bitcoin 4 hour chart. It rejected resistance while piercing the top of both the blue and green parallel channels. This should bring a little retrace to the bottom of the green channel on Monday. A bounce from support here may then continue to the upside. There exists major upside resistance at the 4 hour 200 MA around $75.5k which coincides with the previous breakdown from a head and shoulders pattern on the daily chart.

Stochastic RSI is high, RSI at 54.71

I am short here until we bounce from support. Then long to $80k region, then short again.

Trade attivo

If we loose support here at $68,200 the next lower level of support is around $66,100. Markets are closed Monday so I am in the short position until Tuesday using the MSTZ ETF as a leveraged Bitcoin proxy trade.

Nota

I took profit on MSTZ at 0700 hours. Bitcoin was at support $67,790. After a little bounce here Bitcoin may continue to dump. I am not ready to go long on Bitcoin yet.

Nota

Bitcoin lost support at $68,000
I am back in trade shorting Bitcoin through proxy CONI ETF 2x short Coinbase.

Nota

Buying CONI for a bearish proxy of Bitcoin was a mistake. Coinbase has gone up the last 4 days while Bitcoin has gone down. So, they have not been tightly correlated. I am going to create a Coinbase chart and go long on CONL ETF.

Silent_Canoe

Not Financial Advice, for education purposes only. Do your own do diligence.

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Silent_Canoe

Not Financial Advice, for education purposes only. Do your own do diligence.

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