Two days into the short-Bitcoin trade and we can move up our trailing stops to lock in nice gains. More to come, both in terms of lower BTC prices and new trade ideas in the weeks ahead. BTC This BTC Daily chart contains my best guess on where Bitcoin will find intermediate term support for a meaningful bounce. I’m thinking $70K is most likely, but a worst case scenario of $50K is consistent with the EW structure. Note what happened when the trend line shown above, connecting three important prior lows, got taken out at Monday's close. Our Sell signal went out Tuesday morning. Because Bitcoin trades 24/7 but options do not, allow some flexibility on trailing stops. We can wake up on any Monday morning with Bitcoin up or down $10K...or more, from Friday's option market close.
