SHORT Entry Bitcoin [BTC/USD]
Updated
Bitcoin has pulled back significantly over the last week, and has now given us the numerical indications of a momentum change on the 4H chart.
There is a double bottom on a larger time frame, but I think there is too much short term momentum and there will be a sell off back to 10k level. A fakeout is still on the cards however due to previous interactions with the 75 EMA, in this instance it is more likely to continue falling then fakeout back across the top of the EMA due to the previous interactions with the 75.
Area of take profit is the horizontal support at 10k, giving a nice risk/reward of 2.04 meaning we only need a 33% strike rate to break even in the long term.
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- Bearish MACD trend confirmation.
- Oversold RSI, could potentially mean a pullback before continuation downwards.
- Cross of EMA 75 and on downside of short-term EMA.
- Smart mom indicator saying bearish (purple)
There is a double bottom on a larger time frame, but I think there is too much short term momentum and there will be a sell off back to 10k level. A fakeout is still on the cards however due to previous interactions with the 75 EMA, in this instance it is more likely to continue falling then fakeout back across the top of the EMA due to the previous interactions with the 75.
Area of take profit is the horizontal support at 10k, giving a nice risk/reward of 2.04 meaning we only need a 33% strike rate to break even in the long term.
Thanks for reading the idea, be sure to give a like and a comment! What do you think will happen with bitcoin?
Be sure to follow us so you're kept up with our projects!
Note
BTC Avoided the potential pullback and looks like it will run to 10k. Unfortunate on no entry but sometimes this will happen.
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