We’re going to take a shot on the short side and make the bet BTC completes this top and legs lower from here.
If it rolls over, this would be a textbook retest from below, and we should have a perfect entry.
Volatility is moving higher and we’re going to lean in the direction of the tactical trend.
We’re also leaning in the direction of everything else in crypto right now. It’s ugly out there. We’ve seen similar tops like this complete and break to the downside in recent weeks.
This setup is too good to pass up.
We’re buying the $IBIT 4/17 $46 puts for approximately $1.60-1.70 per contract.
I’m looking for confirmation that a downside move is coming with a break of the $50 level. I will look to add more there.
