Here's my serious take on $BTC

Assuming we 1D close below $60k today, range lows have been lost. A level that has held for over two months.

It's a significant breakdown and whilst others will say "you should have been bearish at $70k+" I didn't see any reason to be.

Everything is relevant to timeframes and this is a significant move for daily structure.

It will be interesting to see if $60k is quickly reclaimed or retested as resistance. I typically don't like shorting during a bull market but it makes complete sense to punt a short there as a hedge against my spot exposure.

If it is successfully reclaimed, it's ultimately bullish and invalidates my short. I'll happily take the L if it means we're ready to continue heading up.

If the retest never comes, I sit on my hands and do nothing until $52k is reached which is the next area of interest for me with 200DMA confluence (by the time we get there).

I discussed these scenario's in detail on YouTube yesterday: youtu.be/9PWSQyX7_k0

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When looking at the weekly it's important to remember that we was up only for around five months.

We had to see a pull back at some point and create a higher low. When you zoom out, things aren't looking that bad.

Envision the scenario projected... Yes this causes short term pain but prints healthy long term price action.

Stay strong, ride the wave and go touch grass 🤝

$BTC 1D

Short got filled and not looking good (which is ok)

As I mentioned repeatedly, I'm actually happy for this short to fail for the sake of my portfolio 😂 It's serving its purpose as a hedge.

I talked about potential deviation on my youtube channel, saying this would be a decent scenario for bulls in the short term.

Waiting for the weekly close to manually close the short trade unless stop gets hit beforehand.