Starting date: 9/August/2021
Starting capital: $500
Capital at present: $583
Trade nr . 10
(all trading ideas in the series with commentary and outcome can be found on my profile)
As bitcoin sentiment turned a little bit to the side all my today's trades were SHORT.
Also I was lucky enough to catch the BTC market cap dominance rising in a short term which was also a good indicator that alts will bleed.
-Bearish channel forming. We didn't know that at the time, but eventually it appeared to be true.
-On a higher TF, price was well above fair value - in excess. Price expected to go a little bit further to reach the upper line of fair value.
-Plenty of wicks at the bottom of the forming channel there are quite some bulls left.
-2 legs down, might be the end of the short term correction.
-Bulls can possibly test the top of the range, which means I would get stopped out as the stop loss is quite tight.
Initially I wasn't sure about profit target point, but as it can be seen from the chart final TP coincides with both 0.382 fib correction level of the previous big bull wave and also perfectly coincides with measured move from the last leg down.