Bitcoin – short setup!
Hello, everyone!
The mentioned earlier bull trap was formed by the Bitcoin. Now the price is on the key level which is needed to be broken for the further increase.
Let’s take a look at the BTCUSDT chart of the WhiteBit exchange. Here we can see that the price got a rejection from 0.618 Fibonacci retracement level. Moreover the weekly CPR is also located here. Look also at the volume of the last pump. It is decreasing, means that the buyers are now so strong. I decided to try short from the current price with the stop loss above red 0.8 Fibonacci line and the target at -0.618 level. It’s approximately $16500.
Do you remember my last couple analysis? I am waiting for the lower low to pick up liquidity and create the spring event in the local accumulation. The long trade will be opened at $16-17k with the potential target at 26k. This is my plan, but we have to watch carefully the new market information.
Good luck!
The mentioned earlier bull trap was formed by the Bitcoin. Now the price is on the key level which is needed to be broken for the further increase.
Let’s take a look at the BTCUSDT chart of the WhiteBit exchange. Here we can see that the price got a rejection from 0.618 Fibonacci retracement level. Moreover the weekly CPR is also located here. Look also at the volume of the last pump. It is decreasing, means that the buyers are now so strong. I decided to try short from the current price with the stop loss above red 0.8 Fibonacci line and the target at -0.618 level. It’s approximately $16500.
Do you remember my last couple analysis? I am waiting for the lower low to pick up liquidity and create the spring event in the local accumulation. The long trade will be opened at $16-17k with the potential target at 26k. This is my plan, but we have to watch carefully the new market information.
Good luck!
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free alert bot:
skyrexio.com
Get free alert bot:
skyrexio.com
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.