BTC Daily update - Be careful with longs
Updated
Yesterday on the news BTC did exactly opposite of what I predicted and rose 7%.
Right now most of the crowd is rooting for long, forgetting to analyze technical factors.
Four signals for short:
1. We completed Elliot Wave pattern
2. Bulls become weaker as buying volume drops. If we want to go further, we need to wait for strong buyer to appear.
3. We broke trendline as support. And even tho there no impulse yet, we should see movement soon
4. We are already at full ATR. BTC is unlikely to rise 2-3x it's ATR a couple days in a row. Correction is likely
Also, be careful as there an obvious pinbar behind which stoplosses of bears are hidden. Marketmaker may try to go for them first before the drop
What do you think of this idea? What is your opinion? Share it in the comments📄🖌
If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊
P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself
Right now most of the crowd is rooting for long, forgetting to analyze technical factors.
Four signals for short:
1. We completed Elliot Wave pattern
2. Bulls become weaker as buying volume drops. If we want to go further, we need to wait for strong buyer to appear.
3. We broke trendline as support. And even tho there no impulse yet, we should see movement soon
4. We are already at full ATR. BTC is unlikely to rise 2-3x it's ATR a couple days in a row. Correction is likely
Also, be careful as there an obvious pinbar behind which stoplosses of bears are hidden. Marketmaker may try to go for them first before the drop
What do you think of this idea? What is your opinion? Share it in the comments📄🖌
If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊
P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself
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