BitcoinShort
High probability that $BTC is at the top of its channel
Updated
There are conflicting opinions on whether BTC is in a new bullish trend or still stuck in the old downward-facing channel. Honestly, I don't think it matters. Both channels intersect today, and the price has wicked through both. From a shorting perspective, the orange channel represents the "worst case," while the purple one offers the highest downside potential for a short position.
I plan to take profits around 55,300 as this seems the most likely next move. Of course, there's always a chance of a breakout and getting liquidated, which is why it's crucial to manage risk and never risk more than 2% of your total capital per trade.
Good luck out there! 🫡
#BTC #Crypto #RiskManagement #ShortPosition
I plan to take profits around 55,300 as this seems the most likely next move. Of course, there's always a chance of a breakout and getting liquidated, which is why it's crucial to manage risk and never risk more than 2% of your total capital per trade.
Good luck out there! 🫡
#BTC #Crypto #RiskManagement #ShortPosition
Trade closed: stop reached
BTC broke out. SL hit
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