BTC → Bitcoin Near Resistance! Should We Short? Let’s Answer.

Bitcoin is in a critical price zone as this bull run has taken us from $15,500 to $52,800. Is this a situation where we short? Or do we prepare for a long?


How do we trade this? 🤔

BTC → Bitcoin Near Resistance! Should We Short? Let's Answer.

Shorting may be an option for a lower timeframe such as the 15m or 1HR. I would not be shorting on the Daily or Weekly candles, but waiting for the price to pull back to enter a long.

As outlined in my Bitcoin Lifetime Analysis, I believe Bitcoin is due for a major pullback ranging from 30-50% toward the $25,000-$30,000 price area:



I would target a long entry in the $35,000 price area, set a stop loss either below the $15,500 low and target a 1:3 Risk/Reward, or a stop loss below the previous trading range at $25,000. Look for a double bottom around the Breakout Support area at $31,800 with a strong bull signal and confirmation bars. From there, reasonable take profit targets include 1:1 Risk/Reward at $42,300, just below the current price at $51,000, just below the previous all-time high at $65,000, and just below $100,000 which is a psychologically even number target.


💡 Trade Idea 💡

Long Entry: $35,575.00
🟥 Stop Loss: $22,900.00
✅ Take Profit #1: $42,300
✅ Take Profit #2: $65,000
✅ Take Profit #3: $98,000
⚖️ Risk/Reward Ratio: 1:5


🔑 Key Takeaways 🔑

1. Three pushes up toward a Resistance Area of $52,800
2. Resistance area is derived from the 2021 Head and Shoulders pattern
3. Wait for the price to pullback between 30-50%, and look for a double-bottom reversal pattern near $35,000
4. Long at 1:5 risk reward and take profit at three key levels
5. RSI is overbought at 78.00 which supports the pullback.


💰 Trading Tip 💰
Trends typically have 3 pushes in either direction before a trend change begins. Along with other market indicators, creates a situation to look for counter-trend trades because the probability of profit is high enough.


⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!


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