Shorting the Bitcoin bear market rally
Scaling into a 1x short up to marked level. There has been no change in underlying trend or market structure, with global economic and health fears only growing. Pullbacks are for selling in this market.
Key arguments:
- No change in daily market structure using swing points as reference
- Price is approaching 2 month accumulation range which led to the recent push to 10k. Accumulated long positions from this range are now underwater and would want to exit breakeven.
- Global picture is fear and panic, Bitcoin is speculative and not necessary
- 1x short is a logical action to take her to protect against another violent fall to new lows. If we do recover to 9k levels , we can close and reposition
Key arguments:
- No change in daily market structure using swing points as reference
- Price is approaching 2 month accumulation range which led to the recent push to 10k. Accumulated long positions from this range are now underwater and would want to exit breakeven.
- Global picture is fear and panic, Bitcoin is speculative and not necessary
- 1x short is a logical action to take her to protect against another violent fall to new lows. If we do recover to 9k levels , we can close and reposition
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