Hello guys,
so thast's basically what I'm thinking is a possible short play:
- we reached the daily 0.61 fib retracement lvl which is for most cryptos a good point for a retracement
- went super parabolic the last days without bigger retracements
- all indicators are overbought but with a little space to jump to 13.4k USDT
- we already have some bigger volume sells so some whales are slowly cashing out
So won't really short here, just selling my back around the 13.4k USDT area and see if we have some bearish reactivations and put my buy orders in the marked areas.
Idea is invalidated as soon as we can close above that level and see further climb. Then i will target the area around 15.5-16k.
Thanks and feedback appreciated
so thast's basically what I'm thinking is a possible short play:
- we reached the daily 0.61 fib retracement lvl which is for most cryptos a good point for a retracement
- went super parabolic the last days without bigger retracements
- all indicators are overbought but with a little space to jump to 13.4k USDT
- we already have some bigger volume sells so some whales are slowly cashing out
So won't really short here, just selling my back around the 13.4k USDT area and see if we have some bearish reactivations and put my buy orders in the marked areas.
Idea is invalidated as soon as we can close above that level and see further climb. Then i will target the area around 15.5-16k.
Thanks and feedback appreciated
Note
Sry, here the daily context:Trade closed: target reached
sold between 13300 and 13400. We will see how the market reactsNote
Big fight around this area...it seemed first we just cross that level without problems but at least some small bearish signs are now visible.Important leve for me are the:
- 13.4k area daily resistance
- 13.0-13.3 weekly resistance which we have crossed
Dropping below 13.4k but staying above weekly means we could see a break of 13.4-13.5k soon.
Dropping below both means bearish play like I have in my chart.
Breaking above both means bullish to nearly 16k.
Note
too early to call it a rejection but if this stays above, we found a solid point. i could have sold 3 or 4% higher, but its okay.Note
If you shorted, place your SL at least at entry lvl or even below so you are not in danger of any losses.I really dont believe we will recover, but god knows what this bubble can perform. Closeing daily below the called levels is bearish for the next days i guess.
If we closes below that 13k areas on weekly basis, we can target my marked areas.
Bubbles grow fast and explode faster.
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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.