Bearish MACD ATR Divergence 1W: Bitcoin (BTC) short
Updated
Weekly:
There is now a finger pattern, an upwick sticking out and the current weekly candle went up after the open but failed, and now prices are below previous candle close. Weekly is only half way, but bearish divergence is developing on EFI and MACD-H. Stochastic RSI seems to cross, and is overbought. Let's see how this develops. On shorter TF's I was daring to short around 61-63K, because of the setups on the shorter TimeFrame. I'm carefully opening short positions while I am looking how this weekly candle unfolds and take it's value most serious in it's last 1/3 of its ilifespan. If this setup plays out, I expect it to go to the middle of the value zone, around 50K, up to the -0.5 ATR around 45K. That is a 1.5 ATR to 2 ATR move. -1 ATR could be a third target, but that could be tried with a last remainder of the position
Daily:
After the ATH, a failed try to make a new high, fiddled out and price could not reach the 2 ATR. Then prices started to fall. I shorted already a good portion around 62K-63K based on a setup of the 4H chart. Daily is at the VZ zone now, and I expect it to pull up a little based on a shorter TF. There I will add to my short. Stochastic RSI is oversold, but still kind of flat, and seems to cross again. EFI declining and level is nou in bearish territory, below zero.
Entry: Now, or higher, based on short TF ( I already entered this short around 62K on average
Exit:
Target 1: 50430
Target2: 45100
Stoploss: 64408
R/R: 1:2 up to 1:3
There is now a finger pattern, an upwick sticking out and the current weekly candle went up after the open but failed, and now prices are below previous candle close. Weekly is only half way, but bearish divergence is developing on EFI and MACD-H. Stochastic RSI seems to cross, and is overbought. Let's see how this develops. On shorter TF's I was daring to short around 61-63K, because of the setups on the shorter TimeFrame. I'm carefully opening short positions while I am looking how this weekly candle unfolds and take it's value most serious in it's last 1/3 of its ilifespan. If this setup plays out, I expect it to go to the middle of the value zone, around 50K, up to the -0.5 ATR around 45K. That is a 1.5 ATR to 2 ATR move. -1 ATR could be a third target, but that could be tried with a last remainder of the position
Daily:
After the ATH, a failed try to make a new high, fiddled out and price could not reach the 2 ATR. Then prices started to fall. I shorted already a good portion around 62K-63K based on a setup of the 4H chart. Daily is at the VZ zone now, and I expect it to pull up a little based on a shorter TF. There I will add to my short. Stochastic RSI is oversold, but still kind of flat, and seems to cross again. EFI declining and level is nou in bearish territory, below zero.
Entry: Now, or higher, based on short TF ( I already entered this short around 62K on average
Exit:
Target 1: 50430
Target2: 45100
Stoploss: 64408
R/R: 1:2 up to 1:3
Note
I added a bit to my short here around 60500. Lets see how the 4H unfolds and if it will give a Lower High and turns, we can add there as well.
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