Time to short $BTCUSD
Updated
BTC short at the daily ob- going well. Recent price action has pushed below the VPVR point of control and retested this break down. The POC is regarded as an area of strong support/resistance—breaks above/below the POC often result in strong continuation momentum.
Although slight, this trend channel could be seen as a bearish ascending broadening wedge—while this does add confidence to the trade, it is not a main factor in my decision making. Ultimately my take profits are toward the 6100 and 6350 4 hour OB+ shown on the chart. However, the slow MAs and diagonal support line give us support around 6550. I would consider taking profits here dependent on the price action at the time. Trading above this support has created a clear place to raid the stop losses around 6450-6550. Creating a flood of sell orders, stop losses can easily create liquidity for institutional players—shorts (sells) feed longs (buys). This would be strong momentum to push price toward my take profit/long targets.
I mentioned concern given the placement of the 4 hour slow MAs. While slow MAs below price action on the 4 hour is a bullish sign, the daily chart is showing rejection from the slow MAs. When the slow MAs have wide separation, they signify strong S/R. As you can see from the start of this bearish trend, price failed to break down until the slow MAs began to get closer and cross.
Although slight, this trend channel could be seen as a bearish ascending broadening wedge—while this does add confidence to the trade, it is not a main factor in my decision making. Ultimately my take profits are toward the 6100 and 6350 4 hour OB+ shown on the chart. However, the slow MAs and diagonal support line give us support around 6550. I would consider taking profits here dependent on the price action at the time. Trading above this support has created a clear place to raid the stop losses around 6450-6550. Creating a flood of sell orders, stop losses can easily create liquidity for institutional players—shorts (sells) feed longs (buys). This would be strong momentum to push price toward my take profit/long targets.
I mentioned concern given the placement of the 4 hour slow MAs. While slow MAs below price action on the 4 hour is a bullish sign, the daily chart is showing rejection from the slow MAs. When the slow MAs have wide separation, they signify strong S/R. As you can see from the start of this bearish trend, price failed to break down until the slow MAs began to get closer and cross.
Trade active
Stops raided. Notice the effect?
Price hanging around first profit taking zone. Watching low time frame consolidation to hint towards the next move. I am still expecting my next take profit OB. Keep in mind this target is a daily OB as well.
Trade active
BTC hourly showing a good spot to take on a hedge to for your short position if you were to choose. Breaking below here would be a drop to 6100. Considering adding to my short position in the hourly bearish OB. Regardless these zones could provide some nice short term trades.
Trade closed: target reached
BTC final profit targets reached. I’m currently flat waiting for the next set up. Very pleased with those profits on low leverage.
Note
Wrong chart above 
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