Bitcoin – I anticipate the last chance to short!
Hello, everyone!
I think you already know my true story about the multiple attempts to short the market. I was right that the market was the weak and forecasted some movement to the downside, but I was not able to earn some money on this move because of invalid stop loss placement system. It was proven for long, but for shorts I need to develop something different.
Let’s take a look at the strongest bearish signal on the 1D timeframe, it was taken at $47000, but I was to greedy and placed stop loss below the local high, paid for that with 0.5% of deposit. It was nice lesson for me. What is next. We can see the potential bullish divergence with MACD, moreover the BTC is forming the downward trend channel and now the price is next to it’s lower band. As a result I anticipate the bounce to the channel’s upper band, but for me the local uptrend is finished. Two reasons: first – the bearish divergence on the 1D, second – the Bitcoin price broke down the Fibonacci golden pocket, it means that the uptrend is not valid any more. I am going to execute the short trade at the top of the channel ($46800 approximately), let’s wait.
Good luck!
DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.
I think you already know my true story about the multiple attempts to short the market. I was right that the market was the weak and forecasted some movement to the downside, but I was not able to earn some money on this move because of invalid stop loss placement system. It was proven for long, but for shorts I need to develop something different.
Let’s take a look at the strongest bearish signal on the 1D timeframe, it was taken at $47000, but I was to greedy and placed stop loss below the local high, paid for that with 0.5% of deposit. It was nice lesson for me. What is next. We can see the potential bullish divergence with MACD, moreover the BTC is forming the downward trend channel and now the price is next to it’s lower band. As a result I anticipate the bounce to the channel’s upper band, but for me the local uptrend is finished. Two reasons: first – the bearish divergence on the 1D, second – the Bitcoin price broke down the Fibonacci golden pocket, it means that the uptrend is not valid any more. I am going to execute the short trade at the top of the channel ($46800 approximately), let’s wait.
Good luck!
DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free bot:
app.skyrexio.com
Get free bot:
app.skyrexio.com
Related publications
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.