BTC Final Short Term Chart

BTC failed to maintain it's channel, exited 780 longs from the break of 900 and bounce back to 920's.

Holding shorts from 920/923/925 1/3rd.

1st TP (S1) Daily Pivot Support at 897 / Weekly Pivot 893 should see a bounce there before descending to 840's.

SL just above 946.9 (RR/Ratio 3+)

Chinese Exchanges Begin To Ban Non-Chinese traders deposits and withdraws plus disrupted margin trading facilities add to bearishness.

Good Luck

Note

Target 1 Hit Taking 1/3 Profit

Note

We can see the bounce coming in exactly where it was expected. Now we look for new resistance at 907/908/910.

Note

Added to short at 918 covering at the weekly pivot, moving stops to break-even letting the rest run.

Note

Caution needed here at this support level. No new shorts or longs will be added, if price bases here and moves up only a close above 940 will trigger a bigger move back into 1k+ territory. Do not want to see another leg up from here which is why all stops have been moved to break-even.

Note

taking half at what should be the long dated trendline and final support level up here 880's. last 1/3 left of position riding.

Note

Quick update;

For those wondering if and when to get long the trigger is above 910, if we base up here in the 880's/890's. If 910 gets retaken a larger move is brewing otherwise 840's still attract.

Trade closed manually

Last 1/3 closed manually for small gain.

Overall very profitable setup.

BTCMarket

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.

BTCMarket