Bitcoin's recent surge is testing bearish nerves, offering a high-risk but technically sound short setup.
The seemingly unstoppable rally since Bertie bottomed at 52,619 on September 6 will test the idea that the best shorts occur in places that inspire the most fear in bears. Friday’s wilding spree tripped a fearsome but technically appealing ‘mechanical’ short using the green line (x=59,858). That doesn’t mean you’re supposed to get short at that price, only that you have a proper signal for setting up a ‘camouflage’ trigger that minimizes the otherwise 5158-point entry risk of a position stopped above the pattern’s point ‘C’ high.
I suggest a trigger interval of 625 points, implying $2500 of entry risk on four lots. This trade is only for those who understand the mechanism and are comfortable with the risk.
Friends, nothing is certain, but you can maximize your Bitcoin trading potential and improve your game. Get actionable Bitcoin insights by following my market commentary on Golden Meadow. It’s where I offer precise forecasts on Bitcoin, gold, and the general market.
Thank you.
Rick Ackerman