Bitcoin has been trading in a range between 66,400 and 62,300 for a few days now. There has been a couple of solid trading opportunities in this range, and right now, I think there are a few more good opportunities potentially playing out in the next couple of hours.
Specifically, I am looking for a possible short trade around the 65,250 level. This is the current value area high of the mentioned range. At the moment, this also aligns with the vwap and the 0.57 retracement level from the most recent swing high to swing low. Note this may change should bitcoin continue to drop from its current level.
Should we continue to drop from the current level, I am looking to long at the 62,190 level and scale in at the following levels; 62,025 – 61,538 – 61,330 and 61,060. These entries will all be placed with a stop loss at 59,700.