Bitcoin- Where to sell?
Updated
In yesterday's comment, I said that bulls don't have power and I expect a deep correction. This seems to have started with last night's strong fall.
Now bitcoin is in a normal rebound which can give speculators a good opportunity for short selling.
As from the chart, we can see that btcusd broke the ascending trendline of the rising wedge and the horizontal support from 60k, and this confluence of now resistances can offer a good short entry.
In short, my idea is to sell between 59-60k, stop loss above 62500 and as for target 50k is reasonable, also such a trade can have a more than 1:2 R:R depending on your entry.
Best regards
Mihai Iacob
Now bitcoin is in a normal rebound which can give speculators a good opportunity for short selling.
As from the chart, we can see that btcusd broke the ascending trendline of the rising wedge and the horizontal support from 60k, and this confluence of now resistances can offer a good short entry.
In short, my idea is to sell between 59-60k, stop loss above 62500 and as for target 50k is reasonable, also such a trade can have a more than 1:2 R:R depending on your entry.
Best regards
Mihai Iacob
Comment
This "invite" of buying in 55k support doesn t "sell" good to me and i think that we already had the rebound and now will dive to 50k without confirming the break of support
🚀 Elevate your trades with a 20-year market veteran!
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Premium Contact:
t.me/IacobMihai
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Premium Contact:
t.me/IacobMihai
Related publications
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.