AlanSantana

🅱️ Bitcoin 8X SHORT (264% Profits Potential)

Short
AlanSantana Updated   
OKX:BTCUSD.P   BTCUSD Perpetual Swap Contract
➖ Bitcoin produced a new All-Time High followed by a rounded top pattern.
➖ Bitcoin is now moving within a lower high compared to the newly established ATH.

Any trading below the ATH —such as is happening now— can be considered a SHORT opportunity.

The stop-loss can be set above the ATH.

Below the full numbers...
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SHORT BTCUSDT

Leverage: 8X

Buy-in: $74,000 - $69,000

Targets:

1) $66,666
2) $62,500
3) $57,000
4) $52,000
5) $46.000

Stop-loss: Close daily above $76,000

Potential profits: 264%

Capital allocation: 3%
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This is high risk. For experienced traders only.
This is not financial advice.

Wishing you good profits, good luck and health in 2024 and beyond.
Thank you for reading.

Namaste.
Trade active:
We are active now.
Good luck and good profits.
Comment:
Here we have Bitcoin on the daily timeframe, a bearish move now in-the-making.

We have a daily break below EMA10; still in process.
This break below EMA10 is accompanied by rising volume, above-average.
We have a declining RSI after a lower high.

All these are bearish signals.


This trade setup looks pretty good right now.
The same will be true, for ETH and all the others recently shared.

Thanks a lot for your continued support.
Comment:
Targets:

1) $66,666 |Hit 2-Apr (+40%)
2) $62,500 |Next target (will hit within hours/days max)
3) $57,000
4) $52,000
5) $46.000
Comment:
Each time I open this weekly chart the same question pops up into my mind, how long will the correction last?

Three weeks of bullish action have been negated in a single day... This is how the weekly chart is looking right now:
Notice that this weeks real red body engulfs lasts weeks session real body as well as the previous two weeks —the bullish move have been compromised.

Notice the size of the wave after the "initial sell signal," these type of moves are always corrected/balanced out. An up-move can be corrected by a down-move.

We can get something like 100/70 when it comes to the waves proportions and chart structure. Something like moving 5 steps forward and 3 steps back on a long growth forward journey, this is where we are at with Bitcoin.

The weekly session is pretty interesting because the week started red from the get-go, right away and is almost impossible to miss...
Current price action also moved below previous ATH which is a bearish signal.

Leave a comment answering this question, "How long will the correction go for?"

Namaste.
Comment:
The daily timeframe is uneventful, here is the chart:
Bitcoin produced a green candle with low volume, perfect action for the Altcoins market to continue with its growth. We can say that Bitcoin is moving within a distribution phase. Our short remains active, valid and safe.

A bounce can be used for additional selling/grow the position or to increase lev.

The 4h timeframe doesn't show much but it emanates a feeling of slow and sideways... Here is the chart:
Namaste.
Comment:
Bitcoin is now displaying an ultra-strong bullish bias and we have plenty of resilience, this is great.

We love Bitcoin, we love Cryptocurrency and we love this market.

Bitcoin's price is back to our initial entry point, around $70,000 which is really strong.

The action can continue and the Altcoins market is really strong. Many, many Altcoins are poised to continue growing or showing very strong charts; things can change in a day.

While Bitcoin is super strong, we continue bearish at resistance and new ATH.

This action does not affect our trade setup in anyway. As long as the action happens below our stop-loss, we wait patiently for the action to develop... Patience is key.

Namaste.
Trade active:
The current price action confirms a lower high for Bitcoin on the daily timeframe:
A lower high at this point fully confirms the correction.
No new highs... This is what is just being confirmed.

Prices already trading below EMA10.

Feel free to double down.
It will be a strong crash.
Trade active:
Breakdown confirmed.
Double down = success!

We will now aim for target #1 a second time, #2 and #3.

1) $66,666 |Hit 2-Apr (+40%)
2) $62,500 |Next target
3) $57,000 |Next target
4) $52,000
5) $46.000
Comment:
1) $66,666 |Hit 2-Apr (+40%)
2) $62,500 |Hit 13-Apr (+87%)
3) $57,000 |Next target
4) $52,000
5) $46.000
Comment:
Here we can notice a full rejection on the daily timeframe; let's start with the chart:
➖ Notice how yesterday closed green.
➖ Today wicked higher but the action quickly reversed before hitting EMA10/21, not enough strength. The day goes full red below yesterday's low and close.
➖ The action went below EMA50, again. This confirms mid-term bearish bias.

Our next target is $57,500.
Prepare for below $50K!

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