Hello I am new to trading. I'll give my basic idea for the short term. Be careful Bitcoin is very tricky and volatile now. Price is in an ascending channel with target at 11800. Do not short outside of the trend line and let candle body not the wick define the line. Price will continue downtrending after the level 11800 is reached with short target at 8500 potentially 7200. Afterward uptrend resume to 20k. A long can be played within the channel but be careful especially If you are trading with leverage. Better to long after downtrend is completed. Thank you for taking time to view my idea.
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Price was wedged between .5 fib and trendline after breaking past it and falling back on the wedge temporarily. Price appears to be heading back to the upper boundary of channel. A long scalp could be played here. Just dont overleveraged your position with long if you are margin trading, you are already long as a flat position.
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I will be shorting anything that extends past the upper trendline low leverage while watching for bearish divergence on RSI main short only toward 11800 which lines up with a .6 fib and a cme gap
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One final note on the current price activity , Bitcoin to me appears to be in a bullish corrective pattern macro timeframe you cant go wrong with spot longs. Just be aware playing this channel its desire is to trap those who like to overleverage by adding to a short or long as a FOMO breakout trade or hedging incorrectly mid range and closing the hedge too early and the false breakout cause liquidation from overleveraged margin. I currently only try to hedge spot losses with low leverage shorts because I'm learning and by no means a professional and this you should be aware of. If price doesn't reach my target I dont make a trade. Dont get waxed out there BTC is volatile beast dont miss the run to 20k and beyond. With small balance like me only small position is mandatory. Even you ones with larger balance BTC is very unforgiving and on the move in a serious way, you can still get creamed even when you are correct on direction. BE SAFE GUYS
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Might be good idea to short now
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for future reference
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Hidden bullish divergence currently. Price is creeping down too slowly seems likely at some point soon bitcoin will jump back up and make it's way to 11800 before and true downtrend to complete the bullish correction pattern. My speculation is we clear cme gap below before clearing the rest up to 19k. Seems like cme gaps tend to eventually fill at some point makes sense to do it now and not later.