Bitcoin Drops As Expected, But How Much Lower? (Trade inside)

Bitcoin (BTCUSD) just had the first strong drop in quite a while, but this is no surprise, we were expecting this... Here you can see our previous analysis:

Now, the question is this, how much lower can Bitcoin go?

We are looking mainly at EMA100 on the daily time frame, but EMA50 goes first. I would say our next stop goes at $4680 depending on how the day closes, but this retrace is just starting and it can take a while to fully develop.

Here is our latest Bitcoin (XBTUSD) trade:

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Trade: SHORT XBTUSD

Leverage: 10X

Buy-in: $5400 - $5500

Time Frame: 1D

Targets:

(1) $4970
(2) $4710
(3) $4500

Stop Loss: Close 1D above $5650.

Liq. price: $6029
(Buy-in calculated at $5460)

Profit Potential: 213% ROE

Capital Allocation: <10%.
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Feel free to hit like to show your support.

Where do you think Bitcoin is headed next?

Leave your comments in the comments section below, and remember to hit like.

Namaste.

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Note: The buy-in price for the trade above is already gone, the targets are valid on the way down.

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