I’ve made mention plenty of times of my bearishness on Bitcoin. The push higher over the past twenty-four hours hasn’t been heartening, and I ditched my MSTR short and half my BITI long (the bearish fund) as a result. Here’s the minute bar of the /BTC futures.
The only good news is that the most recent push higher is a lower high. That could change, of course, with another big rally, but if indeed this blast higher has already pooped out, my alarmist tendencies may be inappropriate. After all, we have not violated any true resistance levels.
Specifically, that comes in the form of the $82,260 level on the /BTC futures and $80,660 on the cash instrument itself.
Such a violation hasn’t happened yet, and until it does, I’m at least going to hang tough to the half-position on BITI I’m in.
