DEALERBTC $BTC #BITCOIN My Thoughts: Conditional Short Option

In my opinion, the local price action over the last few days tells me that the price wants to go at least deeper down to the $62,000 region to wipe out greedy buyers and see if there are enough buyers willing to pick it up at a discount.

Yes, I generally have been bullish but I haven't had my expectations met just yet. Keep in mind that when I published my BTC Consolidation trade idea I had mentioned that I expect price to consolidate until around mid June (see linked trade idea).

The recent kaboom in many altcoins tells me that people are generally in a greedy state of mind of buying and holding. Not to mention the classic top signal of celebrities getting involved. Combined with a new monthly candle, I believe it is a great time for bears to test the waters. If price breaks down below $62,000 I believe the pivot at $56,552 will be tested for support. If support is not established and price breaks below $54,000, it is my opinion that a deeper discount will be reached at $48,000.

Yes, this is all conditional, but I believe the risk is worth the reward considering recent price behavior and general sentiment.

This trade idea is not financial advice. I am not any kind of financial advisor.

Thanks for hitting the like button and for following me!