Bitcoin / TetherUSShort
Arise - Wedge - for all are equal in the kingdom of Cryptonia
Updated
How many times can this rising wedge get retested?
As many times as it takes.
Continuing trying to short this thing at key levels every time it pumps.
Okay folks.
There is confluence at the level of 67.5, but I do not think it will get there as that may invalidate this setup, which I am now playing as a giant ascending triangle.
I am in a short now. If I get stopped (in profit) I will short at every red line retest.
It is still possible it breaks through the triple bottom and touches the low 20s, but looking less likely at the moment.
Planning on taking profit if/when bitcoin falls all the way to the bottom ascending line of this entire bull run.
Thinking we may get a wick down to the $32,480 level to fill an important CME gap, especially now that bitcoin futures are gaining more power in the space.
But that $23,685 gap still calls to me... well, let's get back down to the mid-30's first.
This is my high-risk, high-reward setup I am playing which imho is the most likely scenario for bitcoin.
Disclaimer: I am a trend reversal trader, meaning I look to take positions before the start of a new trend (or hopefully right at the very start of one). This is a highly dangerous and extremely frustrating form of trading. Sometimes I can be wrong and take a loss many times before the trade works. Please don't be upset if I am betting in the opposite direction of where you think this asset is going. I'm not a bad person, I've simply come to a different conclusion about the macro direction for the next couple of months. Thank you.
As many times as it takes.
Continuing trying to short this thing at key levels every time it pumps.
Okay folks.
There is confluence at the level of 67.5, but I do not think it will get there as that may invalidate this setup, which I am now playing as a giant ascending triangle.
I am in a short now. If I get stopped (in profit) I will short at every red line retest.
It is still possible it breaks through the triple bottom and touches the low 20s, but looking less likely at the moment.
Planning on taking profit if/when bitcoin falls all the way to the bottom ascending line of this entire bull run.
Thinking we may get a wick down to the $32,480 level to fill an important CME gap, especially now that bitcoin futures are gaining more power in the space.
But that $23,685 gap still calls to me... well, let's get back down to the mid-30's first.
This is my high-risk, high-reward setup I am playing which imho is the most likely scenario for bitcoin.
Disclaimer: I am a trend reversal trader, meaning I look to take positions before the start of a new trend (or hopefully right at the very start of one). This is a highly dangerous and extremely frustrating form of trading. Sometimes I can be wrong and take a loss many times before the trade works. Please don't be upset if I am betting in the opposite direction of where you think this asset is going. I'm not a bad person, I've simply come to a different conclusion about the macro direction for the next couple of months. Thank you.
Note
My previous idea where I showed the corrective C wave before it occurred.
We are now nearing the top of the wave (if we haven't topped already), so a short position is advised.
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.