BitcoinShort
Bitcoin Short to $2850
Updated
I see Bitcoin bouncing off the 4hour Sequential 9 that is coming and It should have a run up to either to the breakdown of $3300 or as High as $3400 to squeeze out some shorts. Be careful in trading this bounce, 9's don't always bring upside in bearish postures such as this so we may not get much of a bounce at all.Following this possible 1-4 candle bounce (4-16 hours following the 9), I expect Bitcoin to complete the target of this descending triangle and dive down to touch the $2800 to $2850 range where I will be trying to time a buy using the Thomas Demark sequential indicator on smaller time frame charts such as the 1hour.
As far as trades, My previous short from $3470, hit it's target of $3220 today and I am currently in a short term long position (buy $3230) with a stop loss of $3150 and a Target for taking profits at $3300+. This is a very short term trade and I plan to swing to a short trade depending on what the candles looks like around $3300 - $3400. If Bitcoin is too weak to to even get to my target I will close my long and open a short around the $3200 area with a target of $2850. Ultimately I will be trying to time a good short to the $2800-$2850 area
As far as trades, My previous short from $3470, hit it's target of $3220 today and I am currently in a short term long position (buy $3230) with a stop loss of $3150 and a Target for taking profits at $3300+. This is a very short term trade and I plan to swing to a short trade depending on what the candles looks like around $3300 - $3400. If Bitcoin is too weak to to even get to my target I will close my long and open a short around the $3200 area with a target of $2850. Ultimately I will be trying to time a good short to the $2800-$2850 area
Trade closed: stop reached
Well that didn't play out. That's what stop's are for so I am fine. My apologies if anyone lost out on this one. Descending triangles have been working well on Btc until now so it is surprising, but we are due for a solid bounce with the longer timeframe rsi being oversold so I wouldn't be surprised if we go as high as 5k, maybe close to 6k.
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