Bitcoin Rejects Highs!! Check out our Trading Idea 🤓📈

Bitcoin faced a sharp selloff at relative highs at $52.8K, which brought us down to support around $50K. If you recall, we proffered a trading idea where if bitcoin could definitively break $50K, and retrace, then we would enter a long trade at this level. This trade is now in effect, and we are using the lower wick at $50K as an idea for a stop loss. A green triangle on the KRI further supports this trading idea. The profit target would be relative highs at $52.8K or so, but we will keep monitoring the trade for momentum either way. The trade has more than a 4:1 risk:reward ratio, which is pretty good for crypto. If we are wrong we will find support at $49.7K. Both the Kovach OBV and Chande have dipped notably, suggesting we are oversold.

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Another dump in Bitcoin, stop loss triggered 🤦‍♂️ Waiting for the market to stabilize before ascertaining another level to buy. We are back in the $40K handle, which is not a good sign for bulls 😰