xWolfxPT
Short

BTCEUR - Week 6 - Structure Short

COINBASE:BTCEUR   Bitcoin / Euro
A friend of mine asked me for some insight on COINBASE:BTCEUR             (which can also be applied for COINBASE:BTCUSD             but having the difference between the prices into consideration).

I found an interesting setup for a structure based trading / swing trading with a very interesting Risk/Reward, which I wanted to share with you.
(Please take into account that I do not trade BitCoin!)

COINBASE:BTCEUR             has been in a down trend since middle December and until further confirmation of a rotation in trend, I stay bearish on this market.

Why do I predict that price could reach that area?
The Rejection Candle on February 2nd - it shows the red area of support interests the buyers (Counter-Trend-Traders and Profit-Taking-Sellers)

Why is the entry in the Green Area?
I find that level very interesting because of 2 technical aspects: Structure (that was respected earlier) and the different Fibonacci Ratios that land inside that level.
Another fact would also be where counter-trend-traders would take their profits and the trend-following-traders would be interested to sell.

Why is the Stop-Loss where it is, because if it breaks that level, we could see a rotation in trend (after confirmation), the market could turn bullish and in the end I want to be already out of the trade, accept the loss and move onto the next trade.

For Traders with multiple positions / Scaling-out strategies I would take the first target @7100 (previous support) and the second @5100 (next support after a breakout)

If you like my idea give it a thumbs up, I will very much appreciate it :)

Take care & Happy Pip-Hunting
I like your strategy. Will take this into account and watch closely. Thank you!
+1 Reply
xWolfxPT M_Aymes
@M_Aymes, Seems that we are not gonna get the opportunity of shorting on the level
Reply
You mea
n target at 3600€?
Reply
xWolfxPT Patrice01
@Patrice01, The targets I mentioned are already in Euros.
Reply
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