BTC showing some weakness to regain the 40K+ area --> SHORT
Updated
Dear Traders,
BTC has been showing some weaknesses going above the 40K area in the past 24hours.
- The 1H candle shows several attempts to go above but all closed below with some wicks. Furthermore, then only 1H candle that almost closed above was immediately followed by a bearish one.
- Most Indicators are still showing that the correction is not finished or at least was not sufficient to reset them to more healthy levels
My position
Entry price : 39696 USD
Leverage : 10x
Stop Loss : 40567 USD
First take profit: 37693 USD [already hit by now]
Second take profit: 36560 USD
Please note this is my first publication and I have only been trading for a couple of months. Do not hesitate to comment or give recommandations. If you like my idea or would have taken this trade, please like and follow me so I can gain more rep :)
Thank you.
BTC has been showing some weaknesses going above the 40K area in the past 24hours.
- The 1H candle shows several attempts to go above but all closed below with some wicks. Furthermore, then only 1H candle that almost closed above was immediately followed by a bearish one.
- Most Indicators are still showing that the correction is not finished or at least was not sufficient to reset them to more healthy levels
My position
Entry price : 39696 USD
Leverage : 10x
Stop Loss : 40567 USD
First take profit: 37693 USD [already hit by now]
Second take profit: 36560 USD
Please note this is my first publication and I have only been trading for a couple of months. Do not hesitate to comment or give recommandations. If you like my idea or would have taken this trade, please like and follow me so I can gain more rep :)
Thank you.
Note
- First take profit at 37693 was hit.- My stop loss was now moved into profit area and is now at 38925 USD
Trade closed manually
I decided to close that trade manually at 37700 as a falling wedge pattern is in formation and it looks like we could bounce and potentially break the wedge to the upside. About 50% proft on a 10X leverage position in 12 hours. A good trade.
Thanks for reading !
Note
Closing that trade manually was a mistake since the price would have reached my last take profit target ! That falling wedge influenced my decision but I still think this was a decent trade with a good profit !
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