BTCUSD
The LO pivot points this year have set up the potential for those stops (under these levels) to get triggered in succession beginning with the April 29th pivot last week.
Each RED level will provide either very short-term support or will exacerbate the selling momentum, triggering SELL stop orders for the break-out trader and clearing out the long's remaining SELL stop orders, increasing the selling volume down to final price support at the Jan/Feb LO's (YELLOW line).
I will be selling through these RED levels building a position as it capitulates.
As with any thesis and preparation, what if these levels prove as support? Then we have HI resistance above in the RED zone upwards towards 75k. I'll trade accordingly.
The LO pivot points this year have set up the potential for those stops (under these levels) to get triggered in succession beginning with the April 29th pivot last week.
Each RED level will provide either very short-term support or will exacerbate the selling momentum, triggering SELL stop orders for the break-out trader and clearing out the long's remaining SELL stop orders, increasing the selling volume down to final price support at the Jan/Feb LO's (YELLOW line).
I will be selling through these RED levels building a position as it capitulates.
As with any thesis and preparation, what if these levels prove as support? Then we have HI resistance above in the RED zone upwards towards 75k. I'll trade accordingly.
Trade active
1st tier shorts in effect on breaking the first LO.Trade active
2nd tier in now. These levels will be bringing new buyers in and will only be short-term as the downside slide will continue to clear out stops at these RED levels.Trade active
3rd and final tier approaching. It is here where there may be bounce-off support at 43k, (with new buyers). Now IF it goes back up through 48k, then I would be wary of continuing lower so 48k is my ceiling that would contain a lower move towards 37k, 35k, and 32k. All this is based on price cycles so anything can change as price may show a new cycle beginning. Trade what you see in line with what you expect and look for where there is liquidity (stops orders and breakout orders; new positions that need to come off the books at some point).
Trade active
Might be the final break needed to continuing falling to 37k and lower. Trailing STOPS down at this point. Locking in profits on the way down to 37k, 35k, and 33k. Cost basis, short from $57k.Trade active
Took some profit at $37k.Final targets at $35k and $33k, unless otherwise indicated. Anything back over $40k will be totally out.
Great run, projected over two weeks ago.
Trade closed: target reached
All targets reached. 30%+ gains on the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.