Is Bitcoin Primed for a Drop? High Probability Shorting Opportunity Ahead!
Namaskar LuckySevenTrader Community!
In the 1-hour timeframe, #Bitcoin broke the $66,850 level and tested the next support at $65,280. After a sharp rejection, it surged but failed to hold above $66,850, marking a crucial moment.
Currently, Bitcoin is testing significant resistance at $67,850, a level with a history of rejections. Hereâs what Iâm anticipating:
Bearish Scenario: If Bitcoin gets rejected at this resistance, it could drop toward the previous swing low.
Bullish Scenario: If it breaks above, we might see a move toward the swing high.
Trading Strategy:
Buy Setup:
Entry: $67,987 (wait for breakout confirmation)
Stop Loss: $67,654
Take Profit: $69,493
Risk-to-Reward Ratio: 1:4.5
Short Setup:
Entry: $67,744 (if rejected at resistance)
Stop Loss: $68,078
Take Profit: $65,355
Risk-to-Reward Ratio: 1:7
Given the risk-to-reward ratios, shorting at this resistance seems more promising. Iâm leaning toward a short position, as the likelihood of rejection appears higher.
As always, conduct your own analysis before trading. This post is for educational purposes only!
#LuckySevenTrader #BTCUSDT #BinanceSquareFamily #technical_analysis $BTC #Write2Earn!
