Short

Bitcoin: critical area for a possible short

Updated

RSI confirms bearish movement. Fibo from 8k support indicates that we are in a critical consolidation. If price bounces to the 16,5k level, we should consider stopping the short and waiting for the consolidation back at 20k.

My targets are:
20% 12,7k
20% 12,1k
60% entries around 10k, a strong support

This is a short term trade idea (not an advice), and I am not doing this with my core holding bitcoins. It is about getting profit on trends and signals, in a specific time horizon.

I AM BULLISH ON BTC in a long term basis. HODL.

Trade active

Prices bounced at 0.618 fibo back to retest 0.5 area, as expected. If you are active in this trade, you probably partially bought on this area and now you may consider reducing the stop level to 15,6k, thus reducing the risk. Now we expect the price to test 0.618 again, back to 12k.
If 12k support is broken, wait for the 10k black friday.

Note

1st target reached! Congratulations to those who manage to get profit while market is freaking out.

Note

Market is respecting fibo levels in an astonishing way. So, lets make money! Prices bounced in the previous stop at 16,5k region (red line IMPRESSIVELY respected), and is going to retest 14,3k, 12,7k and, if bearish movement continues, we can expect to see it going to 9k levels. Be prepared and, if you are shorting, be aware of bullish signals at these levels. I am going to open new short positions as soon as I see prices going down in the previous critical area, pointed with a red rectangle (14.6k to 13.8k).

gpurri

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