BTCUSD - Short Position
Updated
Disclaimer: Cryptocurrency is a highly volatile market which can move up and down significantly in one day and depend heavily on news. This is only a speculative view of a short-term trader and should only be used as reference only.
BTCUSD - Short Position
Bitcoin just broke its up channel and is predicted to continue to go down from here.
As you can see, the channel held up pretty well until recently when it lost its momentum to continue to touch its upper-trendline. It then formed a small Shoulder-Head-Shoulder (S-H-S) and broke the lower trend line. It might continue to creating the next bigger S-H-S formation.
We would advice to take a short position from this point and target to the 10,000 dollar mark. Stop loss just above the top at 11,600 so hopefully we all have a good Rate of Return on this trade.
R:R more than 1:3.
Bitcoin might not back to its bull run yet and is still undeciding for a while longer. Thus we would recommend to take this trade with caution.
BTCUSD - Short Position
Bitcoin just broke its up channel and is predicted to continue to go down from here.
As you can see, the channel held up pretty well until recently when it lost its momentum to continue to touch its upper-trendline. It then formed a small Shoulder-Head-Shoulder (S-H-S) and broke the lower trend line. It might continue to creating the next bigger S-H-S formation.
We would advice to take a short position from this point and target to the 10,000 dollar mark. Stop loss just above the top at 11,600 so hopefully we all have a good Rate of Return on this trade.
R:R more than 1:3.
Bitcoin might not back to its bull run yet and is still undeciding for a while longer. Thus we would recommend to take this trade with caution.
Note
Exit 50% of your position.
The rest just let it ride. Don't forget to put your Stop Loss to Break Even.
Further downside target: $6,500
Trade closed: target reached
Note
Still moving to next downside target.... :O
Note
Still more down hey....
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.