BTC Short Play - Two plans of action
Updated
After further looking into bitcoin, every different chart timeframe, and consolidating that all mentally, here's my current and final prediction for bitcoin.
Bitcoin is still in a short term down trend thus it is foolish to be bullish on it short term. Predicting where it will bounce rather than riding the trend is highly profitable, easier, and just out-right smart.
We are consolidating in this symmetrical triangle just as we did several days ago on the chart as shown in pink. You might think we broke upwards last time, why wouldn't we break upwards this time? Last time we were on key support. This time we're on key resistance (the support we broke down). Don't get me wrong, we could break up. But breaking down makes much more sense. Even if we do break up, I will be shorting the red box above. I have a low leverage short here and will add if we break up. If this does pan out I will be closing my longs at 8050ish and 7975ish.
Let's see how this pans out. I'm in a short from the top currently so I may let me shorts stop out on a pop, but again, I'm on low leverage so just adding up higher might not be a bad idea either.
Bitcoin is still in a short term down trend thus it is foolish to be bullish on it short term. Predicting where it will bounce rather than riding the trend is highly profitable, easier, and just out-right smart.
We are consolidating in this symmetrical triangle just as we did several days ago on the chart as shown in pink. You might think we broke upwards last time, why wouldn't we break upwards this time? Last time we were on key support. This time we're on key resistance (the support we broke down). Don't get me wrong, we could break up. But breaking down makes much more sense. Even if we do break up, I will be shorting the red box above. I have a low leverage short here and will add if we break up. If this does pan out I will be closing my longs at 8050ish and 7975ish.
Let's see how this pans out. I'm in a short from the top currently so I may let me shorts stop out on a pop, but again, I'm on low leverage so just adding up higher might not be a bad idea either.
Note
I'm a scalper so I just closed part of my shorts at 8306 which is a weak support and near the bottom of the triangle.Note
"If this does pan out I will be closing my shorts* at 8050ish and 7975ish.Note
Here's another reason to be bearish at the apex of this triangle.Note
The 8 hour is about to close extremely ugly as well. Not good at all. But very good for me because I'm short. More bearish by the minute. My bid are set between 7950 and 7850 though I don't have huge confidence that those will hold, just that it is a somewhat likely place that we could bottom before our next leg up past 10k. I think it is highly likely we will get at least some type of bounce there. With that said, I believe this down trend will ultimately continue to 7k to 7.2k before we really bounce again.
7.5K is also possible, but I am betting on 7.0-7.2k
Trade closed: target reached
Scalp target reached. Feeling more bullish based on recent price action so am sticking with my previous long plan. Go look at that in detail and learn. It's more than you will learn from any single top crypto posters on tradingview.
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