Short

Bitcoin potential pullback

Updated

This is my first TA annotation I've shared on tradingview hopefully it is insightful. Bitcoin looks as though it is repeating its recent price action which suggests a pullback nearing. Higher highs and higher lows with decreasing momentum which is easily seen in the price itself and through the rsi. more info in the chart...

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The timing of my initial post was strangely just hours before a massive move to the downside. We have now made a lower low which fulfills the first part of this setup. If we start moving to the upside and the rsi comes into the top trendline we can start looking to enter short. My thoughts so far are to enter short around 48700 with SL around 51200 and TP around 38300.

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I set two entries a few days ago and the first one got filled at 47700 next one is a a slightly smaller position at 48970

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lower low and lower high confirmed I'm lowering my unfilled order and also lowering my SL. Will update this with values tonight as I don't have time right now.

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been trading it short the whole way down, don't know if it will even reach that price target but the bias is still short. It is behaving much more choppy than last selloff and sentiment is very mixed. 60k supercycle top isn't out of the question but I see it as highly unlikely. Don't think it will be long before I start looking for spots to get long but will not try to catch a falling knife.

RyanCoughlan

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