BTC - When Bottom?
Updated
What's happening?
We made a bunch of profitable SHORT trades.
After Multiple failed attempts to go down, volume-less dumps and bounces from 3120-3140
We are back to 3180-3200
I mentioned in my previous post that it's risky to be trading in this environment.
I made a multiple SHORT scalps during this dumps.
From what I can see, there isn't enough liquidity in the pool to go for a big dump and not enough buyers to go for a big pump.
We have 1 Falling Wedge, and it's bottom is not tested yet.
Testing the bottom will take us to 2900-3050 zone.
Going through TradingView ideas, you must have noticed that so many people are expecting 2900-3000 to be the bottom.
Now, we don't know know what the bottom would be but what do know that if it isn't the bottom, we won't bounce hard. That'll be a key thing to notice.
If it is the bottom, the bounce from it should take us above 3300
I'm expecting a short push here to 3300 or just under it.
If you love going against the trend, you can LONG to 3300 and follow your trade with a stop loss.
How am I trading this?
1. I'll be doing SHORT scalps until we reach 3300 or at least mid 3200s.
2. I've got SHORT orders between 3230 and 3360 with 3380 as a Stop Loss.
3. If it doesn't get to 3230 or above, I'll let one of my scalps to run.
4. If we bounce hard (which won't be easy), I've a Stop Loss around 3380 to save my arse. Will re-evaluate the market if it's hit and see if next course of action is to go LONG or SHORT.
What are my indicators saying?
1. FOMO 1hr,2hr,4hr and daily are all green
2. HTL is still red and we are still very much under HTL on 4hrly timeframe.
3. FOMO Momentum Scalper on daily timeframe is indicating decreasing sell pressure
We made a bunch of profitable SHORT trades.
After Multiple failed attempts to go down, volume-less dumps and bounces from 3120-3140
We are back to 3180-3200
I mentioned in my previous post that it's risky to be trading in this environment.
I made a multiple SHORT scalps during this dumps.
From what I can see, there isn't enough liquidity in the pool to go for a big dump and not enough buyers to go for a big pump.
We have 1 Falling Wedge, and it's bottom is not tested yet.
Testing the bottom will take us to 2900-3050 zone.
Going through TradingView ideas, you must have noticed that so many people are expecting 2900-3000 to be the bottom.
Now, we don't know know what the bottom would be but what do know that if it isn't the bottom, we won't bounce hard. That'll be a key thing to notice.
If it is the bottom, the bounce from it should take us above 3300
I'm expecting a short push here to 3300 or just under it.
If you love going against the trend, you can LONG to 3300 and follow your trade with a stop loss.
How am I trading this?
1. I'll be doing SHORT scalps until we reach 3300 or at least mid 3200s.
2. I've got SHORT orders between 3230 and 3360 with 3380 as a Stop Loss.
3. If it doesn't get to 3230 or above, I'll let one of my scalps to run.
4. If we bounce hard (which won't be easy), I've a Stop Loss around 3380 to save my arse. Will re-evaluate the market if it's hit and see if next course of action is to go LONG or SHORT.
What are my indicators saying?
1. FOMO 1hr,2hr,4hr and daily are all green
2. HTL is still red and we are still very much under HTL on 4hrly timeframe.
3. FOMO Momentum Scalper on daily timeframe is indicating decreasing sell pressure
Note
Making Progress.Note
This hourly is a good confirmation of SHORT entry.I'm entering a SHORT here (3236).
Stagger 1 -> 3244
Stagger 2 -> 3259
SL -> 3261
Note
Risk takers making double than those who waited for this SHORT (like me).Good LONG followed by a good SHORT
Note
Closing a portion of my SHORT here.We have formed a new candle above the downtrend resistance.
Not a good sign for SHORTs
Note
Adding to my SHORT hereAnd staggering according to my previous SHORT setup.
Note
SL at 3261 got hit and switched my SHORT to a LONG with a tiny amount.Have recovered the SL loss and a bit extra.
Now, after a decent pump/dump it's always a good idea to take a break, let the market react and enter a new trade once we have a confirmation.
Currently, has been bounced off of HTL as you can see.
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