BTC is in a downtrend. I tried to break support zone, however moved back. Nonetheless, 21-sep the FED is going to announce the next rate hike, which is expected to come no lower than 75 basis point. Which will give strength to the dollar, thus making BTC continue it's downtrend.
So, I'll enter in a short position at 19712:
- It's close to the volumen zone
- Fib 0.786 retracement level from previos downward movement
- TP taken from daily chart, goes to 14000 based on range highs
- SL just above previos local high in 4h
I expect volatility of the rate hike decision to move higher at the beginning, take the entry point, and then move lower following fundamental news.
Risk/reward ration is almost 10:1. However I'll be monitoring the trade to take partials along the way down.
So, I'll enter in a short position at 19712:
- It's close to the volumen zone
- Fib 0.786 retracement level from previos downward movement
- TP taken from daily chart, goes to 14000 based on range highs
- SL just above previos local high in 4h
I expect volatility of the rate hike decision to move higher at the beginning, take the entry point, and then move lower following fundamental news.
Risk/reward ration is almost 10:1. However I'll be monitoring the trade to take partials along the way down.
Trade closed: stop reached:
SL triggered. Too closed. However price didn't go down (nor down)
