BTC SHORT - Intermediate reversal Trade
BTC has formed a shooting star close on the monthly chart, and also has a head and shoulders showing up on many time frames (1D, 2D,etc.)
It is having a hard time breaking into the 99K + resistance area.
I have an adaptive short trade here.
Blue Box entry, blue box - 96,500 - 99K Stop loss just above 100K
Red Box Entry, if price goes into the red box 99k-104,500K - stop loss above ATH price of 108,321ish
Take Profit 1: 85K
Take Profit 2: 81.3K
Take profit 3: 78K
Take Profit 4: 72K
Take Profit 5: 66K
I have a lot of take profit areas up because it is hard to tell how big of a correction BTC will have overall if it does have a correction. I do see the potential all the way down to 52K, though.
Thanks and trade safe!
It is having a hard time breaking into the 99K + resistance area.
I have an adaptive short trade here.
Blue Box entry, blue box - 96,500 - 99K Stop loss just above 100K
Red Box Entry, if price goes into the red box 99k-104,500K - stop loss above ATH price of 108,321ish
Take Profit 1: 85K
Take Profit 2: 81.3K
Take profit 3: 78K
Take Profit 4: 72K
Take Profit 5: 66K
I have a lot of take profit areas up because it is hard to tell how big of a correction BTC will have overall if it does have a correction. I do see the potential all the way down to 52K, though.
Thanks and trade safe!
Trade active
The red box was basically perfect entry, so far so good!
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.