Shorting Bitcoin into first capitulation from Fibonacci targets
Updated
Bitcoin is forming another wedge that will likely break down into another domed structure and perhaps a last small impulse upwards will ensue as seen before. Two C wave fib projections are almost identical ($62689, $62869) and look to be a good area to short. I'm already holding a small short but will add a little in this area. Very good chance price will touch these fibs but I doubt price can hold for any considerable length of time and will likely form a wicked candle though the fibs, perhaps on the daily or weekly candle.
Shorting is very aggressive and more patient traders will do well to wait for a bottom. That said I will sell in the first significant capitulation and reassess whether to short again on a bounce. I don't often short, but my study suggests that there may be a long way down and there to be little upside potential. No stop loss - I don't want to get stopped out by a sudden wick.
Not advice.
Shorting is very aggressive and more patient traders will do well to wait for a bottom. That said I will sell in the first significant capitulation and reassess whether to short again on a bounce. I don't often short, but my study suggests that there may be a long way down and there to be little upside potential. No stop loss - I don't want to get stopped out by a sudden wick.
Not advice.
Note
Fallen out of the wedge already. Upward momentum looking weak.Note
Price looks to be in an ABC. Fib target for short now 66.5K. Note
Bitcoin looks very weak and sluggish. No real structure. I'm dollar cost averaging on the short, adding the the position from here.Trade active
Note
Trade going well so far. Bitcoin looks like its flagging and maybe turning down to fall again. Lets see.Note
Bitcoin on the move and I'll be looking out for a (very) long wicked hammer candle closing on the 4 hour chart. This is my reversal fire alarm and I will be closing my trade immediately upon seeing this - looking to re-enter around 0.618 log fib retracement.Trade closed: target reached
Staggering out of my shorts here at 31K down to 29 if it gets there. Its been a great trade and it will probably bounce hard soon. Not going to wait for hammer.
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
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Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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