Shorting MBT At Resistance

Aug 14, 2023 - 9:29 AM EDT

BTCUSD: Bitcoin has 5 waves down from last week's high strongly favoring a top in place for b of (ii) and c down in progress. At the micro level it appears that a low has developed for wave 1 of c and now price is bouncing correctively in wave 2 of c with Fibonacci resistance between $29.5k-$29.8k. Assuming price is unable to make a break over resistance, expectations are for a drop down to the $27.2k-$28k region to complete the c wave down.

With a decent 5 down and it being early in the week, I'll likely attempt a short trade in MBT on a bounce up to noted resistance.

BTCUSD 1h

Jason Appel is a financial markets veteran who hosts our Beginners Circle section for new members and covers digital currencies, agricultural commodities, and U.S. stocks and indices.

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