Shorting the correction!
Updated
With the RSI being overbought on the daily and the MACD getting ready to flip bearish too, we are seeing the price of btc starting to correct. We just broke past the 95,5-96k support zone flipping it into a resistance zone.
We broke through, backtested (doing it by the book!) and are now heading towards lower lows. Btc has been pumping lately but keep in mind that we never backtested the 69-74k support zone! What goes up must come down and it is now time for btc to at least make a decent correction for the Trump election rally. I think the moon boys will get rekt here.
As I saw btc perfectly breaking and backtesting the 95,5-96k resistance zone I went in with a 200x short and at the time of writing I have about a 60% ROE. I will now look forward to make the trade risk free (when the time and technicals are correct).
The first obstacle to overcome is the 91-93,5k support zone from the ascending triangle that previously formed. But since we never backtested the 69-74k support zone we could be looking to make a dive deep into the abyss here!
We broke through, backtested (doing it by the book!) and are now heading towards lower lows. Btc has been pumping lately but keep in mind that we never backtested the 69-74k support zone! What goes up must come down and it is now time for btc to at least make a decent correction for the Trump election rally. I think the moon boys will get rekt here.
As I saw btc perfectly breaking and backtesting the 95,5-96k resistance zone I went in with a 200x short and at the time of writing I have about a 60% ROE. I will now look forward to make the trade risk free (when the time and technicals are correct).
The first obstacle to overcome is the 91-93,5k support zone from the ascending triangle that previously formed. But since we never backtested the 69-74k support zone we could be looking to make a dive deep into the abyss here!
Trade active
We are now inside of the first obstacle! I will carefully hold my current short position while slicing through it. But we still need to make a break (and perhaps a backtest) of it before we can say for sure that we are dumping further down into the abyss.
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