BITCOIN ($BTC): Hedge Short on this Potential BTC Bart
Updated
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Longer term trends on Bitcoin (BTCUSD) point to more upside, but in the short term it looks like we could be gearing up a bearish "Bart." We currently are waiting for a short signal to confirm a short entry as a scalp short hedge play against the overall bullish trend.
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1. Fractal Trend is showing a downtrend (Red background color) for BTCUSD on the 30 minute chart.
2. Breakaway Scalper is currently neutral (Grey bar color), so we have no trade yet.
3. With this strategy we enter short ONLY when Fractal Trend shows a Red background and Breakaway Scalper shows a Red bar color. We enter long on opposite conditions (Green on Green) and otherwise are not in a position.
4. We are currently looking for a short signal from Breakaway Scalper. As noted above, the idea being that while the overall trend is bullish, a short term downtrend could be forming we want to capitalize on that.
5. Although there are a few potential support levels on the chart, we are mostly eyeing a breakdown below S1 with a target of the S3 cluster to cover our shorts... although we will look for reactions at S2 in case the move down is rejected.
6. To the upside we will look for reactions at the R1 short term swing highs and R2 range swing highs.
7. To ensure we try to reduce potential drawdown, we are using Breakaway Scalper's built in static stop loss if we open the short.
Like and Follow to help us grow family! 🎉
---
Longer term trends on Bitcoin (BTCUSD) point to more upside, but in the short term it looks like we could be gearing up a bearish "Bart." We currently are waiting for a short signal to confirm a short entry as a scalp short hedge play against the overall bullish trend.
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1. Fractal Trend is showing a downtrend (Red background color) for BTCUSD on the 30 minute chart.
2. Breakaway Scalper is currently neutral (Grey bar color), so we have no trade yet.
3. With this strategy we enter short ONLY when Fractal Trend shows a Red background and Breakaway Scalper shows a Red bar color. We enter long on opposite conditions (Green on Green) and otherwise are not in a position.
4. We are currently looking for a short signal from Breakaway Scalper. As noted above, the idea being that while the overall trend is bullish, a short term downtrend could be forming we want to capitalize on that.
5. Although there are a few potential support levels on the chart, we are mostly eyeing a breakdown below S1 with a target of the S3 cluster to cover our shorts... although we will look for reactions at S2 in case the move down is rejected.
6. To the upside we will look for reactions at the R1 short term swing highs and R2 range swing highs.
7. To ensure we try to reduce potential drawdown, we are using Breakaway Scalper's built in static stop loss if we open the short.
Trade active
The trend is down(Red background color) and Breakaway Scalper has signaled a short (Red bar color) while downtrending which means we will be taking this. Entry @ ~8700
Stoploss @ 8879
Targets are S2 and S3 ranges.
Remember to front-run all targets to ensure exit is achieved and gains are realized!
Good luck :)
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