BitcoinShort
4hr Short Potential Ahead
Looking at the chart on 4hr time frame we see a good opportunity for a short entry at roughly $67,400.
Reasons
-Key moving averages converge as potential resistance
-Key moving averages not yet tested as resistance
-Daily trends in my indicators point toward more consolidation
Entry method
-Limit Order
-Front run the 200 MA at $67,350
Best case scenario we fill and take profit at $63,800 at bottom of the bollinger bands. At this point, we would look for a potential bullish divergence on the 4hr chart to consider a potential long. I will be mindful of the daily chart patterns and trends to consider any potential changes.
This will be a one to two day position to consider and will time out if the take profit or stop loss do not hit.
Stop loss 68.7k
Take profit 63.8k
Reasons
-Key moving averages converge as potential resistance
-Key moving averages not yet tested as resistance
-Daily trends in my indicators point toward more consolidation
Entry method
-Limit Order
-Front run the 200 MA at $67,350
Best case scenario we fill and take profit at $63,800 at bottom of the bollinger bands. At this point, we would look for a potential bullish divergence on the 4hr chart to consider a potential long. I will be mindful of the daily chart patterns and trends to consider any potential changes.
This will be a one to two day position to consider and will time out if the take profit or stop loss do not hit.
Stop loss 68.7k
Take profit 63.8k
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💻 Website: bigbits.io
📺 YouTube: youtube.com/bigbits
🎮 Discord: discord.gg/rapMn4z
🐦 Twitter: twitter.com/BigBitsIO
💸 Save $30 on TradingView Paid Plan: bit.ly/2CaRfjs
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