Bitcoin (BTC) Decent short on Bitcoin coming up
Updated
After the drop, Bitcoin has managed to rally to 6.4k again. This was not a bart up and seemed to be natural move up following an Adam and Eve formation. Therefore, if we look at past fractuals, we can expect another retest of the low.
This quality of this trade is not high, maybe 2/5, as we did bounce on the Kijun twice, first on the 4 hour which led to this rally, and then once again at our current price. But a drop is more likely. A better trade would be longing once we drop back to support.
Therefore, we open a short and expect a drop back to support.
Entry price:
6450
Stop loss:
6544
Take profit:
6300
6250
Thanks for viewing! This trade has a low R/R ratio, yet I will still take it. If you are curious about my last trade, please refer to my "Bitcoin Private long" where I made a good amount of profit in the related ideas section. If you message me, I will share my trade setups with you.
This quality of this trade is not high, maybe 2/5, as we did bounce on the Kijun twice, first on the 4 hour which led to this rally, and then once again at our current price. But a drop is more likely. A better trade would be longing once we drop back to support.
Therefore, we open a short and expect a drop back to support.
Entry price:
6450
Stop loss:
6544
Take profit:
6300
6250
Thanks for viewing! This trade has a low R/R ratio, yet I will still take it. If you are curious about my last trade, please refer to my "Bitcoin Private long" where I made a good amount of profit in the related ideas section. If you message me, I will share my trade setups with you.
Note
Bitmex dropped, Bitfinex had a huge wall at 6400 as K mentioned, didn't get removed surprisingly. That led to the holding of 6.4k level.
Trade closed: target reached
Right now entering any position is getting iffy, I closed 50% of this short at 6417 after shorting from 6450. I have 90% of my money waiting on the sidelines for when the move happens.
Note
I am getting worried about a short squeeze. I think shorts have a while to go and will make a higher high.Note
Awesome, we have got our huge push forwards. I'm probably going to go with the trend and try to short the top.The ETF thing will probably be denied.
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