BitcoinShort
Short Idea on BTCUSD
I have taken this short due to the downward momentum that we have seen over the past week or so, follow the trend peeps...
We have price consolidating around a key fib level and a lot of wick rejections at this area.
Also another reason i placed the trade is because of the heavy bearish momentum candles i have just witnessed indicating to me that the ever so slight pullback/upward movement is shifting bearish and following the overall trend.
With all the momentum pointing downwards and the weekly candle still a few days away from closing i am looking for shorts until i see a clear change in directional bias. I think this will only become clear once the weekly candle closes, this will give us a further indication as to whether we are still bearish or now looking t go long, key things to look for on the weekly candle close are as follows:
1. will price be above the 200day ma
2. Will we see a bullish pin bar or another type of bullish candle
3. Will price respect any key fib levels
These are thee questions I will be asking myself.
We have price consolidating around a key fib level and a lot of wick rejections at this area.
Also another reason i placed the trade is because of the heavy bearish momentum candles i have just witnessed indicating to me that the ever so slight pullback/upward movement is shifting bearish and following the overall trend.
With all the momentum pointing downwards and the weekly candle still a few days away from closing i am looking for shorts until i see a clear change in directional bias. I think this will only become clear once the weekly candle closes, this will give us a further indication as to whether we are still bearish or now looking t go long, key things to look for on the weekly candle close are as follows:
1. will price be above the 200day ma
2. Will we see a bullish pin bar or another type of bullish candle
3. Will price respect any key fib levels
These are thee questions I will be asking myself.
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