Shorting Bitcoin. Risky but high reward!
First of all, shorting bitcoin is a risky call. It's really hard to predict what way it will go. This is the idea and also the trade I'm gonna make. The bitcoin made a really nice Elliot wave pattern, it's time to correct now! Just remember after all rushes up there should be a retracement. The only question is when will this happen. Now we have some clear signal it could be now.
We did make an earlier post about bitcoin shorting at 7000usd, but it didn't work and did hit our stop-loss. But this time we have nice head- & shoulders pattern, what gives us a good signal we will go in a downtrend.
There are multiple target levels on the chart. Every time we hit a target level I move my stop-loss lower. So hopefully we reach our target 3, but if we don't hit it, we could be still in profit.
When you open you're short in the level 7150-7200 usd would be nice. Otherwise I would wait till we're below the 7000 usd and the red support line.
We did make an earlier post about bitcoin shorting at 7000usd, but it didn't work and did hit our stop-loss. But this time we have nice head- & shoulders pattern, what gives us a good signal we will go in a downtrend.
There are multiple target levels on the chart. Every time we hit a target level I move my stop-loss lower. So hopefully we reach our target 3, but if we don't hit it, we could be still in profit.
When you open you're short in the level 7150-7200 usd would be nice. Otherwise I would wait till we're below the 7000 usd and the red support line.
Note
It's looking good for our short! If we're below the 6900, we will drop a lot faster and maybe see the 6100/6200 really fast.Trade active
My trade is active!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.