Scaling out of longs and into shorts temporarily
Updated
BTC is a creature of habit. When we run up like this it is followed shortly after by big selling pressure.
Scale out of your longs comfortably here in the 94xx range and into shorts.
Ideal short range 9450-9600.
Here are the reasons I would trade this.
1. RSI on 4h is 93 ffs. I Don't even need to continue after this but I will.
2. The Candles are trading way beyond both sets of the upper Bollinger Bands. Historically this is followed by sell pressure.
3. We're on a sell count on the 4h, 1d, and 1W. This isn't as a consistent indicator as some, but in this case it should be good.
PT: 8500-8100 n the next few days or weekish.
I am not an advisor and don't assume responsibility for your trades.
Best of luck out there.
Scale out of your longs comfortably here in the 94xx range and into shorts.
Ideal short range 9450-9600.
Here are the reasons I would trade this.
1. RSI on 4h is 93 ffs. I Don't even need to continue after this but I will.
2. The Candles are trading way beyond both sets of the upper Bollinger Bands. Historically this is followed by sell pressure.
3. We're on a sell count on the 4h, 1d, and 1W. This isn't as a consistent indicator as some, but in this case it should be good.
PT: 8500-8100 n the next few days or weekish.
I am not an advisor and don't assume responsibility for your trades.
Best of luck out there.
Note
You also get funding to hold this. Manage your risk right and this could be a nice cash inNote
PT briefly reached. Trailing stop to lock in gains set.
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