BTC is expected to have a price action in the orange zone. If the BTC price action breaks above the neckline, then it will recover from its downslide. But that is highly unlikely given the current set of issues:
1. Increasing instability will prop the dollar and put a downward pressure on BTC
2. Rising cost of energy will make it more expensive to mine BTC, therefore, creating headwinds.
3. Increasing amount of regulations will affect the BTC markets.
4. The freeze in crypto exchanges will cause more people to get off crypto.
So best to start shorting crypto from the 21k mark, with a TP at 12k and SL at 24. That gives a 3:10 risk:reward ratio.
For additional questions and comments, you can message me. look forward to your comments.
1. Increasing instability will prop the dollar and put a downward pressure on BTC
2. Rising cost of energy will make it more expensive to mine BTC, therefore, creating headwinds.
3. Increasing amount of regulations will affect the BTC markets.
4. The freeze in crypto exchanges will cause more people to get off crypto.
So best to start shorting crypto from the 21k mark, with a TP at 12k and SL at 24. That gives a 3:10 risk:reward ratio.
For additional questions and comments, you can message me. look forward to your comments.
