Bitcoin Short at Resistance to Mean Reversion or Breakdown
Updated
overextended every timeframe, bearish momentum and volume div, sentiment has become euphoric, here we go!
Trade active
price wicked just past the $9700 resistance level and did not quite touch the $9800 R2. all shorts should have been filled. initial targets at $9060, $9240, $9270 (hit), and $9300 (hit). if $9060 is significantly violated, I'll be looking to $8260.Trade closed: target reached
Success - all targets hit!, and price was only above short entries for a matter of minutes, never more than a percent higher!Very clean, though not perfectly clean like I expected - was surprised to see violation of the $9700 fib level.
Check out my latest idea for how to play this daily pullback (or beginning of another leg down on the weekly).
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