BitcoinShort
Bears will be eating steak this weekend.
Updated
Good afternoon everyone. Hope the market is treating you well today.
Today we saw BTC do something we all hoped would never happen but all kinda new was coming. BTC broke through a trend line that had not been broken in over a year and it did it with conviction. It appears we are sitting in a 4th of 5th EW on our descent from $9,000. Unfortunately it would appear we may just be getting started and most likely will see $6,000 by early next week. But that doesn't mean we can't make a little money in the process. I'm expecting to see a bounce from the $7,000 area that should push up toward the trend line to retest it before continuing this downtrend. That mark also happens to be the .5 retrace of the entire structure.
I'm going to take extreme caution with this trade as we are starting to see quite a bit of selling pressure. And at this point I'm more comfortable shorting the market than going long ( suppose that should be a warning in itself because I should never feel comfortable trading this market and a reversal may be coming soon.)
Key details:
Entry Zone: $7,000-$7,100 Looking for contact with downtrend line
Exit Zone: $7,950
Risk Reward: 9:1
Potential Profit: 12.8%
As always these are my ideas for my trades and not advice on how to trade. Thanks for taking a look, as always any feedback is always welcome. Good luck traders!
Today we saw BTC do something we all hoped would never happen but all kinda new was coming. BTC broke through a trend line that had not been broken in over a year and it did it with conviction. It appears we are sitting in a 4th of 5th EW on our descent from $9,000. Unfortunately it would appear we may just be getting started and most likely will see $6,000 by early next week. But that doesn't mean we can't make a little money in the process. I'm expecting to see a bounce from the $7,000 area that should push up toward the trend line to retest it before continuing this downtrend. That mark also happens to be the .5 retrace of the entire structure.
I'm going to take extreme caution with this trade as we are starting to see quite a bit of selling pressure. And at this point I'm more comfortable shorting the market than going long ( suppose that should be a warning in itself because I should never feel comfortable trading this market and a reversal may be coming soon.)
Key details:
Entry Zone: $7,000-$7,100 Looking for contact with downtrend line
Exit Zone: $7,950
Risk Reward: 9:1
Potential Profit: 12.8%
As always these are my ideas for my trades and not advice on how to trade. Thanks for taking a look, as always any feedback is always welcome. Good luck traders!
Note
Developing a little faster than I thought may blow right threw that trendline and hit the bottom one at 7,000
Note
Targets reached filled orders between 7,000 and 7,100. Had on last order setting at 6959 and missed it by 30. We should see a nice bounce up from here already up 2%. Hopefully that support holds, it should
Note
didn't hold last order filled this bounce looks better should be headed toward 7900. Word of caution this structure looks very ominous and I would not be surprised if this wave structure ended up below $2,000. With that in mind I will not be greedy when it comes to exiting this trade. Bears are winning the day.Note
Stop in place a 7,000 avg. break even, no point in taking on extra risk at his point. Next level of consolidation 6400 area. The trend is your friend at least my short position played well today. Good luck everyone.Note
It always seems obvious in hindsight and I honestly can't believe I didn't see that till it was too late but look at that confluence. It stop almost too the dollar at the 2.618 and bounced of the trend line at the same time. Worst part I had both of those things on my charts and didn't notice them. I was still playing the wrong count. Should have known when the 4th wave violated the downtrend line of wave 3 that the count was wrong but guess that's how you learn. Maybe in a year I can make those calls better but that's why I post these things to keep myself accountable and learn from my mistakes.
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