Updated
BTCDOWNUSDT Binance Bullish - Bearish Bitcoin
Not Investment Advice
As BTC forms a bearish consolidation, BTCDOWNUSDT seems to be giving us some clear insight to the overall interim direction. BTC loves to pull fakeys, breakout reverse to it's indicated directional flag or pennant patterns and then reverse again to follow the more classical and natural progression. I can see BTCDOWNUSDT following suit with a fakeout to the downtrend line shown here, and then up. I'm using a reverse Fibonacci extension here because the feature placements show better conformation to the retracement levels.
I prefer trading this over straight up BTC in this market, though I do take scalps on BTC occasionally. Given the broader downtrend on BTC, I'm generally more bearish on BTC and would rather live through a bottom wick flash crash here (short squeeze on BTC, always check shorts) than try to recover from a flash wick long liquidation on BTC, better odds right now. Good luck!
As BTC forms a bearish consolidation, BTCDOWNUSDT seems to be giving us some clear insight to the overall interim direction. BTC loves to pull fakeys, breakout reverse to it's indicated directional flag or pennant patterns and then reverse again to follow the more classical and natural progression. I can see BTCDOWNUSDT following suit with a fakeout to the downtrend line shown here, and then up. I'm using a reverse Fibonacci extension here because the feature placements show better conformation to the retracement levels.
I prefer trading this over straight up BTC in this market, though I do take scalps on BTC occasionally. Given the broader downtrend on BTC, I'm generally more bearish on BTC and would rather live through a bottom wick flash crash here (short squeeze on BTC, always check shorts) than try to recover from a flash wick long liquidation on BTC, better odds right now. Good luck!
Trade active
I literally missed my entry target by 0.0003!! So pissed . . the notation on the scalp here is where I would have exited temporarily. New entry targets here and given BTC action, we see a lot of inverted intra-day Head & Shoulders formations so I'm looking for a short term H&S to form here. Good luck!Trade active
Nailed another entry (DCA) with projected levels updated here. Good luck!Trade active
Another scalp taken. DCA'd in and out just below the 0.066. Will post fresh idea in new thread. Good luck!! Trade active
WOW!! The Saylor Stimulus Package came through apparently and Bitty Down fell of the cliff. Nabbed 2 of 3 entry points and closed those out at 0% after looking like lower levels ahead. Will go to new thread on 3rd DCA point. Trade closed manually
Moving thread to more recent post on BTCDOWN, good luck!
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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.
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.