I'm gonna try for a Bitcoin Cash Short here.
There is RSI divergence into a resistance zone from January 2019. There is also RSI divergence on a daily.
I prefer these when they have 3 points as in this case.
Entry Short $168.8
Stop $171.2
Target 1 $160.3~
Target is negotiable... there is a 100 MA, the stated target, but also, if it breaks the trendline could see more downside, especially with the daily divergence. But as posted, it's a 2R trade.
Honor the stop, if it doesn't work, there could be a blow off top at these levels.
Travis
JMJ - UIOGD
There is RSI divergence into a resistance zone from January 2019. There is also RSI divergence on a daily.
I prefer these when they have 3 points as in this case.
Entry Short $168.8
Stop $171.2
Target 1 $160.3~
Target is negotiable... there is a 100 MA, the stated target, but also, if it breaks the trendline could see more downside, especially with the daily divergence. But as posted, it's a 2R trade.
Honor the stop, if it doesn't work, there could be a blow off top at these levels.
Travis
JMJ - UIOGD
Comment:
see the recent bollinger band width data...chances are good that will get a good idea of which way this trade wants to break within the next 6 hours...
Trade active:
ugh... just realized i typed the stop incorrectly from the chart... it should have been $173.2 not $171.2
I'm moving stop down from $173.2 to $172 reducing risk.
sorry for the earlier typo... i hope if anyone took this trade that you looked at the chart closely. :/
I'm moving stop down from $173.2 to $172 reducing risk.
sorry for the earlier typo... i hope if anyone took this trade that you looked at the chart closely. :/
Trade active:
I don't like the last few candles here obviously... it could go either way. so feel free to take this trade off at break even and look for something better.
ill keep the trade active..but keep a closer eye on it.
ill keep the trade active..but keep a closer eye on it.
Trade closed: stop reached:
Wow...and that's why you ALWAYS use a stop, especially in crypto!
