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Shorting ORDI at This Price Level Could Yield 12% Gains

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ORDI’s all-time high of $92 looks like a distant memory with price making a significant dip bitcoin to trade at $64, as of the time of writing. The recent bearish sentiment in the market has led to the largest BRC-20 token in the Ordinals ecosystem experiencing a wave of selling pressure.The recent dip saw ORDI sellers flip the $67.5 support to resistance with a 10% dump. With a full bearish candle close under the new resistance level after some sideways price action, intraday traders can take advantage of a new shorting opportunity.Bears break buyers’ defense to extend selling pressureThe bullish defense of the $67.5 support level finally crumbled to the short-term selling pressure. Buyers had put up a solid defense over the past 48 hours but sellers finally prevailed with a bearish candle close under the support level.The Relative Strength Index (RSI) highlighted the strong selling momentum, as it sunk to the edge of the oversold zone. Similarly, the Moving Average Convergence Divergence (MACD) extended its bearish crossover with red histogram bars below the zero level.ORDI/USDT on TradingView (4H Timeframe)TargetsAs such, this offers short-term traders a new opportunity to ride the selling wave. Sellers can enter at the current market price of $64 with a profit target to reach $52 for 12% returns.Alternatively, a bullish candle close above $68 will invalidate this bearish setup. Traders should actively track market sentiment, as a shift in market dynamics could result in a swift price reversal.Intraday trade idea:Entry – $64 (CMP)Potential Target – $52Stop loss – $68

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