BitcoinShort
Sweetspot Short for BTC. Heavy resistance. Basic TA that works.
Updated
First rule.
You don't long resistance and you don't short support.
Price at 50MA weekly - HEAVY RESISTANCE
Basic rule that support changes into resistance when it breaks. 5800 - 6000 clearly is the big resistance that held for many many months. Thus flipped into - HEAVY RESISTANCE
BTC loves the 61% and 78% fib retraces. ALL of the previous pumps above 6k were stopped at 61% fib levels. Price is currently between 61% and 78% fib levels.
Short it. SHORT IT BIG.
You don't long resistance and you don't short support.
Price at 50MA weekly - HEAVY RESISTANCE
Basic rule that support changes into resistance when it breaks. 5800 - 6000 clearly is the big resistance that held for many many months. Thus flipped into - HEAVY RESISTANCE
BTC loves the 61% and 78% fib retraces. ALL of the previous pumps above 6k were stopped at 61% fib levels. Price is currently between 61% and 78% fib levels.
Short it. SHORT IT BIG.
Note
Triple daily bearish divergence!
Note
Yes it is that simple.
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.