Hi Shoppers,

I think a head a shoulders formation has been created in Bitcoin (Ticker: BTCUSD):

The left shoulder may be a bit sloppy but, I have the neckline coming in right at $27,000.

BTCUSD has just closed and began trading for Friday just below the neckline.

Not enough of a move away to convince me it will be trading lower, but it is beginning to look that way.

I will be watching for it to trade below $26,500.

Once it does, I will be shopping for puts in Proshares Bitcoin (Ticker: BITO).

Here is the BITO chart:

I have it closing below my support level at $15.70.

My next support level comes in at $14.40.

Looking at the puts, I like next week’s expiration:

RIght now the May19 15.50 puts seem like a decent deal.

Watch for BITO to open and trade lower and use $15.65 as your stop loss area.

Trade Review

It only took Amazon (Ticker: AMZN) two days to trade a high of $113.28. Kind of hard to hop in when it gaps open $1.60 and runs up another $1.50. Watch for a possible rollover here.

Microsoft (Ticker: MSFT) is still looking like a consolidation ready for that next leg higher, although yesterday’s candle could be a doji signaling a change in trend.

Apple (Ticker: AAPL) still needs to make a decision over $175 or below $171.

Thanks for Reading … See You Next Tuesday,

Licia Leslie