BTC Short after previous Monday High (also range high) was spike
Updated
tl;dr
Direction
- Opened a low risk short on BTC
Reason
- Spiked previous monday high and range high for two week consolodation
Key prices to watch for
- FTA at range mid (~26900$)
- Realistic target at range low or double bottom (25800$)
- Optimistic target at 25000$
- Cut if 27700$ reclaimed on 1h candle close
I opened a low risk short on BTC, since we just spiked previous monday high which also serves as range high for this two week consolodation. First trouble area (FTA) is range mid at aproximately 26900$, realistic target is range low and/or the double bottom at 25800$. My optimistic target is 25000$, but honestly don't think we go there in one swing^^
NOTE: If 27700$ gets reclaimed on a 1h candle close I'll probably look to cut.
I'm generally not to fond of shorting since it's simply long term -ev in crypto. Thats why if I do I keep them on a very short leash. With longs the market will "bail" you out sooner or later, as long as you dont get liquidated.
Direction
- Opened a low risk short on BTC
Reason
- Spiked previous monday high and range high for two week consolodation
Key prices to watch for
- FTA at range mid (~26900$)
- Realistic target at range low or double bottom (25800$)
- Optimistic target at 25000$
- Cut if 27700$ reclaimed on 1h candle close
I opened a low risk short on BTC, since we just spiked previous monday high which also serves as range high for this two week consolodation. First trouble area (FTA) is range mid at aproximately 26900$, realistic target is range low and/or the double bottom at 25800$. My optimistic target is 25000$, but honestly don't think we go there in one swing^^
NOTE: If 27700$ gets reclaimed on a 1h candle close I'll probably look to cut.
I'm generally not to fond of shorting since it's simply long term -ev in crypto. Thats why if I do I keep them on a very short leash. With longs the market will "bail" you out sooner or later, as long as you dont get liquidated.
Trade closed: stop reached
Got stopped while asleep, and now it looks like my SL was the better entry :DGonna wait for some more PA to develope before, but still leaning bearish, might just be cope...
-1R
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