Short

BTCUSD / H4 / Pullback completed

Updated

After a strong push downwards, and a weekly closing in red (2 weeks ago) from the tops, we're now completing the pullback towards shorting areas.

76.8% pullback area which is just below $13.000 is extremely good zone for shorting, we are also highlighting $13.350 zone as a possible wick zone where people are trapped into going long, might not happen but keep an eye on it.

Targets for taking partial profits along the way are :

$11.600 (10%)
$10.800 (15%)
$10.000-10.200 (15%)
$8.400 (as a final target for 60%)

Note

Well that was kind of fast :D I will move SL on break even and just let the trades run.

Note

$11.600 region almost met, you can take a little bit of profit now, SL still at break even as there is a possibility of a pullback to around $12.800 before continuation lower.

If we see that pullback towards $12.800 we could add more positions.

Note

We have seen the dip in $11.200 area, next up should be a pullback either towards $12.400 or $12.800 and look how fibs PERFECTLY align with our zones that we already have.

If $12.400 holds well, we could enter short position, however, I would like to see pullback all the way up towards $12.800 zone as it means smaller SL which leads to lower risk and higher reward, but we will have to wait for that move.

Note

We did not see the pullback, instead of it we dropped more, which is also good as 2nd target of $10.800 reached (15% profit taken).

Note

$10.000 target area reached as well, we will take 15% more :)

Note

Back on a Weekly chart. Last week's close was bearish as expected. Medium Term resistance ($11.600-$13.000) is confirmed 3rd week in a row, so what is next?

Well, now we could see one more push towards $11.600 or $12.000 during this week and then go further down towards first area of interest ($8.200-400) which is marked green on the chart. If that area holds then we can start being bullish.

There is also a possibility that $8.200 doesn't hold and gives way for our MEGA ZONE of $6.000 which is great area for accumulation.

BTC had 4 months of insane movements, maybe it will start ranging a bit between $6.000 and $8.000 and get into consolidation phase which will last until 2020.

Note

On H4 we're playing pullback again with 2 possible zones of interest which are $11.400-11.900 (anywhere between 50% and 61.8% fib retracement) and $12.400 (78.6% fib retracement).

Note

There is a longer term trendline which is broken and now being retested. We will probably see a drop from here, but there is VERY HIGH possibility that we will retest that trendline later this week at around $11.600 or even go past it towards 11.900ish area as a fakeout retesting 61.8% fib retracement.

That move is very logical, as it will wash early and aggressive shorters (shorting right now) and also trap more people into going long.

Note

New Idea :

Trade closed: target reached

$8.400 reached, full take profit is in place!

CAPITAL_Trading

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