BTC is near a major resistence so there will be many short stops just above. There will also be a lot of breakout buying should resistance break. As highlighted by the yellow ovals, this range in BTC price has seen several big pumps through the 6.5 to low 7k levels and if BTC breaks the previous high and invalidates at least one bear count and bearish expectation there should be a flood of buyers in the market. On the other hand, the white wedge as well as the larger pink wedge tend to breakdown so...
If not long now, wait for the break as it is far better to be in a short right now with a fairly tight stop within 1-2% range. Let your SL be a flip of position so u immediately long the breakout while closing out your tiny loss short. Going short just under resistance and flipping long on the invalidation of the bearish count can only be a loser if u get really screwed on when ur orders fill during the pump but really we could be looking at a very sharp 10% move in either direction from this level and short below, long above the red line is pretty easy play imo.
Not trading advice! DYOR. Just sharing an idea of what I think may be a good spot to put money in play for a short term swing.
GL
If not long now, wait for the break as it is far better to be in a short right now with a fairly tight stop within 1-2% range. Let your SL be a flip of position so u immediately long the breakout while closing out your tiny loss short. Going short just under resistance and flipping long on the invalidation of the bearish count can only be a loser if u get really screwed on when ur orders fill during the pump but really we could be looking at a very sharp 10% move in either direction from this level and short below, long above the red line is pretty easy play imo.
Not trading advice! DYOR. Just sharing an idea of what I think may be a good spot to put money in play for a short term swing.
GL
Note
so the wedges broke down and our short is looking good. TP1 6130. There could be a retest of the bottom of the pink wedge to get short if u didn't already. This could be part of a broader move to the mid-low 5k level so TP1 is for about 30% of the position (or more if intending to reshort the expected bounce).GL
Trade closed: target reached
So the yellow oval played out exactly as expected on bitmex and once the stops were triggered price flew up to 7150, hitting both TP1 (6950) and TP2 (7100) on our long from 6640. With shorts at ATH another squeeze would not surprise me at all. My count calls for a short here but the crowd loading up on shorts is keeping me flat for now. GL
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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.