Bitcoin - BTCUSD - POSSIBLE Short setup on 1 hour chart

I am carefully watching this zone to see if we lose the current fib trend line on the 1 hour chart. If we lose the support of that trend line I expect to start a retrace that might be slow, might be fast.. but I expect it to work its way down the fibs..

This is NOT financial advice, this is a nothing but a possible scenario drawn on a chart being used for a study. Trading/investing is risky, do it at your own risk.

Note

Haven't made it to the 1st TP zone, but I am using a trailing stop and I still expect this to keep going down. If I get stopped out I will re-evaluate and possible look at a re-entry or verify change of trend.
If you pay attention to some alts you will notice the price goes down just a little bit everytime BTC goes up, when BTC goes back down those same alts do not go back to their previous high (they are being drained over and over). This leads me to believe that the liquidity of alts is leaving, but it's not staying with BTC, the BTC is being sold off for fiat.

This is NOT financial advice, everything mentioned in this thread is 100% speculation and opinion. Trading is high risk, do so at your own discretion.

Trade active

2nd target zone has been hit, the last stop I had at entry has moved to 11400. I still expect 3rd target to be hit and more than likely we will go lower than that as well. I assume we will likely have a bounce somewhere though that's why I use trailing stops and then a final stop placed at 11400 mentioned above. Even if we bounce up and down some, the real "dip" I'm looking for is around the 21 ema on the weekly chart.

Trade active

Okay, So I hit my 3rd and final target for this specific trade like I was expecting. I will go ahead and close it out on tradingview. But what I am doing for the trade is taking the majority of my profits here, and putting a stop at 10900 for the last small %. This eliminates my original exposure, bags the majority profit from the overall trade and lets the last little bit of pure profit "ride" down as far as it can go, or back up to 10900 to close out. I have deeper short targets for different timeframes, this was a shorter term trade though and the targets were met, so that's why I am closing it out. If you want to know my overall target for BTC it would be the 21 EMA on the weekly chart. Yes we might go up and down before we get to that point, but I'm pretty sure we will still get there.

Trade closed: target reached

Target for this specific trade was reached. Will be looking for the 9700's for bullish support.. if 9700's are gone, i expect to lose the 9k's. I will possibly post other trades I am currently in or enter. Thanks for the support

WoWCrypto

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WoWCrypto

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