I now have two trade plans to enter BTC short.
Preferred (By "Preferred, I just mean I think it's more likely / have trades more skewed to that):
A sharp rally up to just over 51K. Some fast dips and spikes into the high starting somewhere over 50K. Fill limit orders in and around 51K. Possible add tight stops with PA signals.
Contingent:
Buy stop losses hit, a lower low is made and it's a much more credible risk the full retrace is in and we're entering into wave 3 - the strongest of the trend waves. This would be expected to break the low and if we get under that low I think all sorts of mayhem are set to happen. I think that's the case whether it rallies first or not, there's a strong chance to BTC bulls will experience a real rug pull if a second strong breakout is made. The first move is not the largest if this is setting up a correction to a large weekly chart trend.
Preferred (By "Preferred, I just mean I think it's more likely / have trades more skewed to that):
A sharp rally up to just over 51K. Some fast dips and spikes into the high starting somewhere over 50K. Fill limit orders in and around 51K. Possible add tight stops with PA signals.
Contingent:
Buy stop losses hit, a lower low is made and it's a much more credible risk the full retrace is in and we're entering into wave 3 - the strongest of the trend waves. This would be expected to break the low and if we get under that low I think all sorts of mayhem are set to happen. I think that's the case whether it rallies first or not, there's a strong chance to BTC bulls will experience a real rug pull if a second strong breakout is made. The first move is not the largest if this is setting up a correction to a large weekly chart trend.
Comment:
Entering short at 45,850. Looks like preferred plan will fail. Also exited buys. Back to this trade plan.
Comment:
Adding #BTC short 46,470. Stop 48,169. Target 31,230
