Bitcoin Daily - Nice Setup for Bears
I am optimistic about bitcoin in June, but I believe I have a good chance to take some profit from entering a short position. Yesterday I was waiting for a confirmation actually, because the price forced the range I thought as resistance which is 7550-7600. Now, I see the momentum has diminished and I have couple of reasons to short the market:
- Quite thick Ichimoku Cloud in 4 hour frame (almost 400 dolars!)
- MACD is starting to look bearish on 4 hour time frame
- Rising wedge already tested last night and the bounce wasn't strong from there, indication it will be broken.
I have already opened short position it around 7515, my first target is 7370 to collect some profit.
Good luck everyone and I wish good profit for all.
Cheers
Alper
- Quite thick Ichimoku Cloud in 4 hour frame (almost 400 dolars!)
- MACD is starting to look bearish on 4 hour time frame
- Rising wedge already tested last night and the bounce wasn't strong from there, indication it will be broken.
I have already opened short position it around 7515, my first target is 7370 to collect some profit.
Good luck everyone and I wish good profit for all.
Cheers
Alper
Note
I have collected the first part of the profit. I have had increased my short position a little bit around 7550. I am disappointed in myself that I didn't stick to my analysis and short more at 7600...Now I have 50% of my short position still open. I will watch the price action a little bit, I moved my stop to 7470 to enjoy a little bit more profit in case the price jumps up.
I will update tonight about it. It was a good day :)
Cheers!
Note
Still bearish, small bear flag after the bounce. This ship will go down a little bit more I guess. Keeping my rest of the short position open, lets go!
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