BTCUSD Short Term and Swing Targets

Has put in a swing low at 34,385 and pulled back from that area. This area is my first target for a short position as Bitcoin continues to put in lower highs. If the lows are broken I believe Bitcoin can swing to lower support at 32,376 increasing supply in the market. The drop would serve as a part of the natural rotation of Bitcoin after a failed break at 40,000 earlier this week (likely a result of buyer shock). Furthermore, the initial drop from 41,000 greatly increased short term uncertainty in BTCUSD, and those who were convinced of moonshots to 50k-100k might be taking a breather after such a rapid drop. Take all this with a grain of salt as the market has continued to see increasing buying volume and I simply believe that 32,000 would hold as strong floor.

Note

Got pushed way past my SL but first target was hit and there seems to still be some shaken buyers around this swing low. Could potentially see some retailers step up However, I expect price to swing down below 34000 and lower to shake out some buys.

crawfordpaul

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

crawfordpaul