Bitcoin – will my short trade plays out?
Hello, everyone!
As you know, two days ago I executed the short position on the Bitcoin. We saw the some price decrease, but it is not sufficient to tell that I was right.
If we take a look at the last BTC downside impulse Fibonacci retracement, the price now is struggling to break through the Fibonacci golden pocket. Obviously I don’t want to see the red scenario because it will hit my stop loss. I wanna see now the BTC dump continuation at least to Fibonacci zone 27 (40k). It would be the evidence that the market is in the healthy downtrend. The final Fibonacci target at $39300 is the approximate first real target for this trade, but if I will not see any bullish signs there, I am going to continue to hold my short trade. I wanna try to short the whole bear market and I hope we will not see the BTC price above my entry point. Another one evidence that the decrease is going to continue is the increasing volume during the dump and decreasing during the bounce (but here I want you to be conscious because my volume analysis is not so good performs as I want).
Good luck!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
As you know, two days ago I executed the short position on the Bitcoin. We saw the some price decrease, but it is not sufficient to tell that I was right.
If we take a look at the last BTC downside impulse Fibonacci retracement, the price now is struggling to break through the Fibonacci golden pocket. Obviously I don’t want to see the red scenario because it will hit my stop loss. I wanna see now the BTC dump continuation at least to Fibonacci zone 27 (40k). It would be the evidence that the market is in the healthy downtrend. The final Fibonacci target at $39300 is the approximate first real target for this trade, but if I will not see any bullish signs there, I am going to continue to hold my short trade. I wanna try to short the whole bear market and I hope we will not see the BTC price above my entry point. Another one evidence that the decrease is going to continue is the increasing volume during the dump and decreasing during the bounce (but here I want you to be conscious because my volume analysis is not so good performs as I want).
Good luck!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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.