IBIT (Bitcoin ETF) sell signal to come on a solid break below this 60-minute bearish rising wedge pattern. Current preferred targets solid arrows, potential targets dashed arrows. Stops dependent on one’s entry price and prefer price target(s), ideally using a 3:1 or better R/R.
IBIT 60m Nov 22nd
For futures traders, /BRR sell signal to come on a solid break below this 120-minute bearish rising wedge pattern. Current preferred targets solid arrows, potential targets dashed arrows.
BRR 120m Nov 22nd
If/when /NQ & QQQ solidly break below the uptrend lines that I’ve been highlighting, that would likely be a net tailwind for a Bitcoin short as it has been a “risk-on” trade, along with tech stocks recently.
I believe that BITI is the -1x short Bitcoin ETF & SBIT is a -2x short Bitcoin ETF, for those that prefer buying inverse ETFs vs. shorting IBIT or any of the other Bitcoin ETFs.