Just an FYI, we have been shorting BTC for a while, adding on to the short on every lower high formed on the 1H chart.
We are gunning for big drops on BTC and overall crypto, yet of course we're just as ready to buy as we are to sell if the structure of price action changes.
For now, our targets are 3, see them below:
1) The neckline 2) The volume support at 12.6k 3) untested POC of the bullish structure 8.3k
On Wednesday the FOMC is due to raise rates again, the higher the rate outlook becomes... the lower crypto should/could go.
Refer to the related ideas too, they explain further details about why we are shorting Bitcoin!
DenisPrimedtraders
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guess that 8.3k level is becoming a reality
bed87
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Why short it from here though, shouldn't it go up one last time before big drop?
PrimedGroup
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@bed87, We've been shorting for weeks building a big trend trade, the point is that its been forming lower highs and as long as the bearish strucutre persists we will continue to build on it, while also taking day trades in both directions, buy and sell.
Check the related ideas and you'll see why we shorted before, but there are other posts too that are older which explain why we are short and since when
bed87
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@PrimedGroup, Well I'm not f'ing selling until it goes back up to something positive now idgaf
PrimedGroup
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@bed87, good luck with that! Im sure it should head high up, but our job is to make money in both up and down markets, we close losers quickly.