BTC Double Top + Trend Break

27 ส.ค.

I've shared several longer term charts for BTC and COIN, which are the main reasons why I'm short COIN right now and have been. I'm actually long BTC, but I don't consider that part of my trading. BTC had a strong trend break after the bell today and had a double top rejection near 65k this past weekend.

I'd expect more downside unless it can quickly reclaim this trendline by tomorrow. I like the the 58k-59k area for a potential bounce, but I think any bounces are likely to be short lived. We could see another 50k test soon if it does fall below 58k again.