Bitcoin Breaks Down
Bitcoin Breaks Down
My medium and longer term view on Bitcoin has been bearish and still is. Over night and early this morning, Bitcoin has significantly fell below the $60,000 area support level. I thought we would have at least one more good rally before this happened but not so. I now see Bitcoin testing $52,000 and then down into the $40,000s.
Therefore I am reversing my position and selling the IBIT etf long position for a loss (should open around $33) and switching to the short side. Since I expect a pretty swift decline I am going with the 2 times leverage short etf, Proshares Trust Ultrashort etf SBIT Recent Price – probably open around $54.
All forecasts and recommendations are based on opinion. Markets change direction with consensus beliefs, which may change at any time and without notice. The author/publisher of this publication has taken every precaution to provide the most accurate information possible. The information & data were obtained from sources believed to be reliable, but because the information & data source are beyond the author's control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Because of the ever-changing nature of information & statistics the author/publisher strongly encourages the reader to communicate directly with the company and/or with their personal investment adviser to obtain up to date information. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise. Neither the information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. The author/publisher of this letter is not a qualified financial adviser & is not acting as such in this publication.