THE BIG SHORT (UPDATE): BTC CONTRARIAN 4:1 r/r opportunity
Updated
UPDATED CHART W ACTUAL SHORTS AND LIVE P&L UPDATES
- 61.8% to 78.6 fibo level zone extended from 1st wave of correction from all time highs provides clear positive risk: reward play for a downside correction to follow with entries preferably near the extended 78.6 fibo level short BTC at around $18,035 with stops above all time highs and just below the next big figure at $20099 and final take profit targets just above the key S12,500 pivot (1/2 position) and below the S11k big figure $10,900 (remainging half) provides 4.5:1 risk reward opportunity.
Top-down Macro Fundamental Analyses including Fed speak and future policy direction suggestive of major correction prior to fresh highs
Weak longs established on headlines likely to see a run on collective stops
Note
MY TRADING APPROACH OUTLINED HEREfxtradermagazine.com/forex-strategy/fusing-fundamental-and-technical-approaches.php
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