Will BITCOIN continue its correction? Short trade #1
Updated
Hello colleagues!
We decided to present our thoughts on the cryptocurrency market in the form of trades! We will number all trades and after some time we will analyze all our trades and determine their effectiveness.
How do you like this format? Write in the comments!
Today, the price of BTC updated the local lows of August 1st. This happened at low trading volumes and without an aggressive reaction from buyers.
In our previous idea, we indicated the critical point for the medium-term growth wave - this is 28710.
This critical point was broken by the sellers, so it's time to see where to open a short position in BTC.
A second. But we recently published a long trade on Bitcoin.
How to combine it? Everything is very simple. Approximately in the range where we opened a long position, we plan to open a BTC short. If the stop order on the long position is triggered, we will receive a profit on the short position, which will pay off the loss of the long position and the profit will still remain. An identical situation will occur if a stop order on a short position is triggered.
The logic of opening a short position:
1. Buyers did not hold the price in the range of $28900-29100
2. After the update of local minimums, buyers did not show their aggression.
3. BTC price growth during August 1-8 looked more like a correction after a falling wave.
Entering a short position in BTC - Range 28900-29400. A retest of this range will confirm the weakness of buyers. The width of this range is due to increased volatility in the Bitcoin market.
Stop loss is 29782. In our opinion, if the price of BTC reaches our stop order, then nothing will prevent buyers from continuing to grow and disrupt liquidity above 30500-31000 in the form of seller stop orders.
The target is 26500-27200. Consolidation took place in this range during May - June, where the positions of buyers accumulated, which they will defend. So there is a chance of a bounce up.
We allocate $5000 for this trade. In case of error, we lose $100. If the trade works out, we will receive $344.
What do you think about this trade? We are waiting for you in the comments!
We decided to present our thoughts on the cryptocurrency market in the form of trades! We will number all trades and after some time we will analyze all our trades and determine their effectiveness.
How do you like this format? Write in the comments!
Today, the price of BTC updated the local lows of August 1st. This happened at low trading volumes and without an aggressive reaction from buyers.
In our previous idea, we indicated the critical point for the medium-term growth wave - this is 28710.
This critical point was broken by the sellers, so it's time to see where to open a short position in BTC.
A second. But we recently published a long trade on Bitcoin.
How to combine it? Everything is very simple. Approximately in the range where we opened a long position, we plan to open a BTC short. If the stop order on the long position is triggered, we will receive a profit on the short position, which will pay off the loss of the long position and the profit will still remain. An identical situation will occur if a stop order on a short position is triggered.
The logic of opening a short position:
1. Buyers did not hold the price in the range of $28900-29100
2. After the update of local minimums, buyers did not show their aggression.
3. BTC price growth during August 1-8 looked more like a correction after a falling wave.
Entering a short position in BTC - Range 28900-29400. A retest of this range will confirm the weakness of buyers. The width of this range is due to increased volatility in the Bitcoin market.
Stop loss is 29782. In our opinion, if the price of BTC reaches our stop order, then nothing will prevent buyers from continuing to grow and disrupt liquidity above 30500-31000 in the form of seller stop orders.
The target is 26500-27200. Consolidation took place in this range during May - June, where the positions of buyers accumulated, which they will defend. So there is a chance of a bounce up.
We allocate $5000 for this trade. In case of error, we lose $100. If the trade works out, we will receive $344.
What do you think about this trade? We are waiting for you in the comments!
Trade closed: target reached
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okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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