Short Opportunity Before LPS
Updated
Hi fellas!
This is what accumulation DOES! You will not go up before everyone turns bearish! Even the best traders i know were heading for 37k and boom, stops were hit!
Lessons learned, never short the support! (once again!)
Now, this is the Show Of Strength moment (SOS) in this accumulation zone. It was quick right? Patience pays off! We had literally tested supply with 10 touches!
However, if you are late to the party, or got caught in the opposite direction, it would be best to move on to the next trade during retracement and use this as a short / take profit opportunity.
As always, i've set TOTT to take the short for me, if there's ever an opportunity :)
I'm expecting a LPS (last point of support) as a higer low around 46k and if that fails, 43.440 would be my second target.
Long term bullish uptrend is finally established, BUT 50k is very important to cross, otherwise this uptrend may come to an end!
Take profit during retracements and ride the winner.
But, hey what do i know.
Trade safe!
This is what accumulation DOES! You will not go up before everyone turns bearish! Even the best traders i know were heading for 37k and boom, stops were hit!
Lessons learned, never short the support! (once again!)
Now, this is the Show Of Strength moment (SOS) in this accumulation zone. It was quick right? Patience pays off! We had literally tested supply with 10 touches!
However, if you are late to the party, or got caught in the opposite direction, it would be best to move on to the next trade during retracement and use this as a short / take profit opportunity.
As always, i've set TOTT to take the short for me, if there's ever an opportunity :)
I'm expecting a LPS (last point of support) as a higer low around 46k and if that fails, 43.440 would be my second target.
Long term bullish uptrend is finally established, BUT 50k is very important to cross, otherwise this uptrend may come to an end!
Take profit during retracements and ride the winner.
But, hey what do i know.
Trade safe!
Comment
Here's the updated p&f chart for price objectives. If this all plays out, we will eventually hit 144k.Let that sink in, bears and haters!
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