Swing Trade Short Started
Updated
I've begun scaling into a swing trade on BTC. I expect it to go higher so my initial scale pilot position is extremely tiny at 3955.3 on kraken which has lower BTC prices than binance which is what this chart is plotting.
Target is
1K with 2 reward/risk. This gives a large stop that has plenty of room to scale in and find an improved average. Intending to go heavier around the E point.
I will be using the coppock curve which I have posted about on other charts to determine when BTC has turned bullish again. I will reverse and go long at that point even if it has not hit this1K target.
I expect to close out this short before the end of the year and probably go long again.
Target is
1K with 2 reward/risk. This gives a large stop that has plenty of room to scale in and find an improved average. Intending to go heavier around the E point.I will be using the coppock curve which I have posted about on other charts to determine when BTC has turned bullish again. I will reverse and go long at that point even if it has not hit this
1K target.I expect to close out this short before the end of the year and probably go long again.
Note
One of the reasons I'm still bearish is it seems most of the bulls are bulls because they still believe in the "BTC to 1 million dollars!" scenario. That is just hopium to me and the fact that price has gone totally flat for so long means no one is actually putting any new dollars toward that scenario.So I think the bulls are still the weaker hand and that when it breaks below the range low at 3k they will panic and send it much lower.
In order for BTC to recover and start making bigger moves it has to shake out the hopium traders who sell all the rallys and prevent it from going higher. If it first can go down to
1K then up to 2k that would be a 100% gain move which would bring a new generation of bulls back and set the stage to potentially go higher for real.Note
Probably just found D point, looking to add to short on next run up to ENote
Trade closed: stop reached
Bullish on cryptos now
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