Selling Opportunity in BTC/USD - Sold $23,205.70 Wed, Feb 8, 2023 14:22pm.Moved Stop to Break-Even Fri, Feb 10, 14:33pm. Closed Out @ $22303.00 Tue, Feb 14, 23:00pm +$306.92.

The 2 1/2 month rise in BTC/USD may have peaked at $24,256.18 last Thursday (February 2). Since then, the pair has pulled back to as low as $22,635.54 last night.

Powell's speech last night may had caused speculators to attempt another rally but the best they could do was an overnight high of $23,448.20. Incidentally, this is marginally higher than the 50% retracement level of the decline from $24,256.18 at $23.445.86 before easing back in Asia trading today.

It is, therefore, probable that speculators may be tempted to take profits after the failure to extend higher. If so, this presents a selling opportunity with the potential to re-test the January 18 low of $20,396.10. 

TRADE IDEA

Sold @ $23,205.70 - Wed, Feb 8, 2023 14:22pm. Closed Out @ $22303.00 Tue, Feb 14, 23:00pm +$306.92.

Stop @ $24,300.00. Moved Stop to Break-Even Fri, Feb 10, 14:33pm

Target @ $20,400.00.