HTF Bitcoin short based on PA
Updated
Bearish outlook for two reasons:
[1] Price has so-far failed to close above the key resistance/support level (red) despite numerous tests.
This has proven to be a key level which can be visualised in the 1D chart below.
[2] has failed to close above the .618 fib level (blue), the only test resulted in a strong rejection.
Historically cycles have reversed at the .618 retracement level of the previous cycle, I have no reason to assume it will be different this time, especially when it is so close to such a key S/R level.
Extra info:
The year-long downtrend is currently $525 dollars away (black dotted).
I am still expecting positive altcoin movements.
Will add to my short if the price revisits 6800 and plan to add again if the 6535 becomes resistance.
Prices of interest
Target 1: 6555
Target 2: 6450
Target 3: 5790
Target 4: 5350
Bottom: 4300
Follow me on Twitter for occasional FA and plenty shit posting.
[1] Price has so-far failed to close above the key resistance/support level (red) despite numerous tests.
This has proven to be a key level which can be visualised in the 1D chart below.
[2] has failed to close above the .618 fib level (blue), the only test resulted in a strong rejection.
Historically cycles have reversed at the .618 retracement level of the previous cycle, I have no reason to assume it will be different this time, especially when it is so close to such a key S/R level.
Extra info:
The year-long downtrend is currently $525 dollars away (black dotted).
I am still expecting positive altcoin movements.
Will add to my short if the price revisits 6800 and plan to add again if the 6535 becomes resistance.
Prices of interest
Target 1: 6555
Target 2: 6450
Target 3: 5790
Target 4: 5350
Bottom: 4300
Follow me on Twitter for occasional FA and plenty shit posting.
Note
Will consider long positions if the ~6555 area responds well, eyeing a potentially similar scenario as June where the Key R/S level was touched twice before a move north - possibly to the yearly downtrend line at ~7175.Note
25% covered at 6450 and manually closed a further 50% @ 6370.Note
Added back at 6520 on the 6535 will become resistance.Note
6535 resistance gave way but still closed below 6765 red bull/bear line.Note
No changes, average entry is 6720.Note
Despite the price skew on finex, the daily still closed below the B/B line. No major position changes but taken some profits last week and managed to get some asks filled on that wick up. Avg entry is now 6707.
Note
Added more at 6465. avg entry is now 6637.This has turned into a range play and therefore will only update when this position is finally closed out to save on spam.
Trade closed: target reached
Target hit, Position closed @ 5480(Chart shows Finex premium, trade was on Deribit)
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