#Bitcoin down nearly 3% today and #crypto getting hammered. This is when the #Nasdaq is up over 2%. This shows how weak the crypto market remains and is why I still have a bearish outlook. If it does keep dropping, $59500 is support and if that breaks, the orange line is next.

I do think this will come down to the mid 50k region before it finds a bottom BUT even though I am bearish, at these levels, new shorts are very risky. The whole crypto market is so negative that a massive short squeeze can happen at any point.

I have closed my #altcoin longs and I do have some SMALL short positions. But these have tight stops as I am very concious of my comments above.

Ultimately, whilst I am short, I am looking for the bigger bottom to start moving into some BIG longs. But we aren't there just yet.

$BTC #trading