Bitcoin / TetherUSShort
Btc 37200-37150
Updated
(Update was made earlier but accidentally privated-copied my thoughts below at the time)
Trade Analysis Update:
Current Trend: Bearish momentum strengthen as the market closes below the 37660 support area. This indicates a more solid shift in market control from bulls to bears.
Positions & Targets:
TP1 (37300): Entered at 38100, influenced by hyper bullish chat sentiment, 30-minute supply zone, and Fibonacci 78.6 level on the hourly chart. Lack of staircase support noted.
TP2 (37200): Set for both the first and last positions. Triggered by the formation of a head and shoulders pattern and a 4-hour engulfing candle.
TP3 (Around 37150): Considered optimistic; may close all positions at 37200 if no significant price drop. Initially stopped out twice, but risks were managed at 0.25% and 0.5%.
Market Observations:
Head and shoulder pattern aligns with the 37200 target.
Support and 4hr bullish Fibonacci retracement level at 78.6 also noticed around 37200.
Price hesitation in this area may lead to me exiting all positions.
Future Strategy:
2
No major breakouts expected until the Federal Reserve Meeting.
No further shorts unless a break below 36700 occurs.
Potential for a minor scalp long around 37200, targeting a retracement into higher consolidation levels.
Key Event: Awaiting Friday for a potential significant market move, with the longer consolidation period hinting at possible major shifts.
Trade Analysis Update:
Current Trend: Bearish momentum strengthen as the market closes below the 37660 support area. This indicates a more solid shift in market control from bulls to bears.
Positions & Targets:
TP1 (37300): Entered at 38100, influenced by hyper bullish chat sentiment, 30-minute supply zone, and Fibonacci 78.6 level on the hourly chart. Lack of staircase support noted.
TP2 (37200): Set for both the first and last positions. Triggered by the formation of a head and shoulders pattern and a 4-hour engulfing candle.
TP3 (Around 37150): Considered optimistic; may close all positions at 37200 if no significant price drop. Initially stopped out twice, but risks were managed at 0.25% and 0.5%.
Market Observations:
Head and shoulder pattern aligns with the 37200 target.
Support and 4hr bullish Fibonacci retracement level at 78.6 also noticed around 37200.
Price hesitation in this area may lead to me exiting all positions.
Future Strategy:
2
No major breakouts expected until the Federal Reserve Meeting.
No further shorts unless a break below 36700 occurs.
Potential for a minor scalp long around 37200, targeting a retracement into higher consolidation levels.
Key Event: Awaiting Friday for a potential significant market move, with the longer consolidation period hinting at possible major shifts.
Trade closed: stop reached
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