THE BIG BTC SHORT - Contrarian Perspective (5:1 r/R ratio)
Updated
On numerous occasions, the 61.8% to 78.6 fibo level zone provided clear positive risk: reward plays for the downside corrections as outlined on charts.
The 61.8% to 78.6 fibo level zone extended from 1st wave of correction from all time highs provides clear positive risk: reward value from a contrarian perspective that a downside correction is more probable as it aligns with macroeconomic top down fundamantal analyses suggesting a major BTC correction is necessary prior to any further upside above the key 20k technical and pyschological level.
THE BIG BTC SHORT
BTC short positions preferably near the extended 78.6 fibo level at around $18,035 with stops above all time highs and just below the next big figure at $20099 with final take profit targets just above the key $12,500 pivot provide a unique contrarian perspective with 5:1 risk reward value.
The 61.8% to 78.6 fibo level zone extended from 1st wave of correction from all time highs provides clear positive risk: reward value from a contrarian perspective that a downside correction is more probable as it aligns with macroeconomic top down fundamantal analyses suggesting a major BTC correction is necessary prior to any further upside above the key 20k technical and pyschological level.
THE BIG BTC SHORT
BTC short positions preferably near the extended 78.6 fibo level at around $18,035 with stops above all time highs and just below the next big figure at $20099 with final take profit targets just above the key $12,500 pivot provide a unique contrarian perspective with 5:1 risk reward value.
Note
Apologies, couldnt edit chart in time given for short play and concurrent ICO orders.Also, take profit target is at 10,900 level which provides 5:1 risk reward value but 12,500 is a move conservative approach providng 4:1 r/r value.
THE BIG BTC SHORT
SHORTS @ 18039.85
STOPS @ 20099 and LIMIT T/Ps @ 12,500 for half of total position and 10,900 for remainder provides approximately 4.5:1 risk reward opportunity.
Note
For More About My Approach to Trading:Link on website portion of Profile connects to an article I authored per request by FX Trader Magazine during my junior trading years at a major MM.
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