Short

BTC short position

Updated

I am Korean amateur BTC trader,
and i am gonna upload my ideas via English because I just need some reputation points to communicate in Tradingview English Chats.
(I have been active just in Korean Chats since i started using Tradingview)

I'm just an amateur, and I am still learning this market,
but hope my insufficient ideas may help others.

I observed that the candle broke through the upper resistance line of the ascending channel,
but failed to hold it as support.
It has now confirmed a break to the downside.

And based on the resistance at 28,500 and the upper resistance trendline (red dashed line), there is a possibility of additional strong buying pressure occurring for the next 1-2 days.

So, considering these,
I am entering a short position using low leverage and scaling in gradually.

Therefore, the stop loss for all shorts will be
'when the 28,500 resist and the upper descending trendline break strongly to the upside on a time frame of 4 hours or more'.

GOOD LUCK

Trade active

28,000, which was just below the resistance level, failed to break through to the upside.
And a downward volatility occurred,
and since this morning, there is an short-term AR (accumulation range) forming near the previous support level of 26,900.

For conservative market participants, this current technical rebound that is emerging at 26,900 is likely to be the first target profit (TP) for short positions.

But personally, a large bearish candle has formed on a time frame of 1 hour or longer,
and given the current low trading volume:

I will be observing if the short-term support at 26,900 continues to act as a support level.
Unless there is sustained support at the current price range, I am planning to initiate buying positions starting from the next support level at 26,500.

For additional chart images related to my ideas and comments, you may refer to my Korean ideas. I am sorry that I cannot add image links on my comments, because I have lack reputation points;
My Korean ideas have exact same context with English ideas.

Trade closed: target reached

The current short-term rebound is facing resistance at the corresponding ray of the upper level.
And since yesterday, I have been observing the occurrence of support at the channel's lower line and at the 26,900 level.

Given this observation, it has become difficult to anticipate price drop below 26,900. Therefore, I have made the decision to close all short positions and initiate long positions.
(If a decline below 26,900 was expected, there should have been an additional crash regime yesterday)

Naturally, the stop-loss for the newly initiated long positions is set around 26,740, taking into account the short-term low of 26,840 and allowing for possible stop-hunting.

For additional chart images related to my ideas and comments, you may refer to my Korean ideas.

i1s_son

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