Hello all,
What a dump day. I have been short from 10900 and already closed 60% of my position.
Here are my reasons why I entered;
1) BTC showed clear rejection from, a) Rising wegde (yellow) upper trend line, b) the resistance zone I had from previous price action (red box) and c) Key 0.382 fib level,
2) Easy Read Indicator also gave beautiful short signal on 4hr TF,
3) Direction Trade Indicator also showed clear retest and rejection from the 4hr Dearh cross,
4) Shepherd Indicator showing weakness and could get rejection on Daily TF (this is what makes me think we will see more dump in BTC)
All these indications made a very tight case for the dump and gave pretty much no risk and very high reward trade (kind you see only few times in a year)
Here are my reasons why I closed most of my short at this level;
1) As you can see in first chart, BTC is now testing the lower trend line of larger symmetrical triangle pattern (pink lines). I am pretty sure this will break but I don't think it will happen today, may be in next 2-3 days.
2) As you can see in third chart, Direction Trade showing some key support at ~9900 zone (White line), as well as the support zone I have based on previous price action.
3) BTC is testing the 89 EMA (Aqua line) on daily TF, this has acted as support last 3-4 times. And I think it will hold BTC for today.
4) BTC is testing some very imp long term FIB levels as shown in Red and white, which will act as a support here.
All these indications made me close 60% of my position here at awesome profits.
If BTC pumps I will try to re-enter however the next sure trade is, if and when BTC breaks the support zone (89EMA, Green support box and rising wedge lower treand line).
Happy and safe trading..
Chao...
If you like this TA, wellll let me know then. :)
What a dump day. I have been short from 10900 and already closed 60% of my position.
Here are my reasons why I entered;
1) BTC showed clear rejection from, a) Rising wegde (yellow) upper trend line, b) the resistance zone I had from previous price action (red box) and c) Key 0.382 fib level,
2) Easy Read Indicator also gave beautiful short signal on 4hr TF,
3) Direction Trade Indicator also showed clear retest and rejection from the 4hr Dearh cross,
4) Shepherd Indicator showing weakness and could get rejection on Daily TF (this is what makes me think we will see more dump in BTC)
All these indications made a very tight case for the dump and gave pretty much no risk and very high reward trade (kind you see only few times in a year)
Here are my reasons why I closed most of my short at this level;
1) As you can see in first chart, BTC is now testing the lower trend line of larger symmetrical triangle pattern (pink lines). I am pretty sure this will break but I don't think it will happen today, may be in next 2-3 days.
2) As you can see in third chart, Direction Trade showing some key support at ~9900 zone (White line), as well as the support zone I have based on previous price action.
3) BTC is testing the 89 EMA (Aqua line) on daily TF, this has acted as support last 3-4 times. And I think it will hold BTC for today.
4) BTC is testing some very imp long term FIB levels as shown in Red and white, which will act as a support here.
All these indications made me close 60% of my position here at awesome profits.
If BTC pumps I will try to re-enter however the next sure trade is, if and when BTC breaks the support zone (89EMA, Green support box and rising wedge lower treand line).
Happy and safe trading..
Chao...
If you like this TA, wellll let me know then. :)
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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.