BTC downside in the cards


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Bitcoin has seen a rally of close to 40% in recent days. BTCUSD is currently trading just around the 38,900 level. The prior significant high around this level was specifically at 41,338. With the recent rally in mind, this may be a solid place to look for a possibility to short BTCUSD.

Every crypto Youtuber out there currently talks about significantly higher levels for the popular cryptocurrency, and while I do believe this true, I do think we need to see another low (lower low or higher low) before BTCUSD moves up towards the 48,000 level.

BTCUSD is quiet as of right now. But I do think we will see it move towards the 41,300 level, and unless we see a significant burst through this level with lots of volume behind it, I do think this level will play out as a key level of resistance. It may go slightly through the level, but I will definitely be looking to enter a short trade around the 41,300 level.

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