BTC has been rallying for a few days now, we called a long from 6.1k and have now taken profits.
Daily volume is beginning to decrease as we get to the top of the falling wedge.
A close on the daily above the yellow box will lead us to the next yellow box. We have seen many of these bull traps before as we are in a bearish phase.
I have begun to slowly build a short position, will be building it from now until 7450. If we fail to close above the yellow box on the daily candle then I will increase my short position.
This will give me the best average short position as I do not think we will break the brown downtrend line.
Stop loss can be set above the brown downtrend line.
Daily volume is beginning to decrease as we get to the top of the falling wedge.
A close on the daily above the yellow box will lead us to the next yellow box. We have seen many of these bull traps before as we are in a bearish phase.
I have begun to slowly build a short position, will be building it from now until 7450. If we fail to close above the yellow box on the daily candle then I will increase my short position.
This will give me the best average short position as I do not think we will break the brown downtrend line.
Stop loss can be set above the brown downtrend line.
Comment:
good time to short a portion. Top of the channel has been touched.
Comment:
Shorted from 7250 to 7150, then reduced my short position waiting for top of channel to be hit again. Was hit at 7.3k with a bull trap. Shorted another portion.
If the green support line is broken, we will drop quickly to the bottom of the channel.
If the green support line is broken, we will drop quickly to the bottom of the channel.
Comment:
Bearish divergence on the 4 hour chart, also a bearish pin bar as well as a bearish reversal candlestick .. both near the new set highs .. Shorted another portion at the top of the channel.
We can see on the 15 minute candle that when the price attempted to rally 15 minutes before the day closed, we had crazy high volume yet the bears were able to suppress the price from moving any higher. Also comes into play with the daily candle closing inside it's current channel.
Do not be fooled by these bulls.
We can see on the 15 minute candle that when the price attempted to rally 15 minutes before the day closed, we had crazy high volume yet the bears were able to suppress the price from moving any higher. Also comes into play with the daily candle closing inside it's current channel.
Do not be fooled by these bulls.
Comment:
after our most recent rally you can see that BTC is up for another move forward. This is good for us to give us a nice short entry. Should be on our way to the top of the yellow box. This is where i'll be putting in another short position.
Trade closed: target reached:
Thank you for all that followed this trade.
Going long now from the bottom of the daily channel with the target of 7.5k. Stop loss set at 6800.
Going long now from the bottom of the daily channel with the target of 7.5k. Stop loss set at 6800.
Comment:
This is the falling wedge I was referring to in my original post. The top of THIS wedge. (brown lines). NOT this current rising wedge.
Big ooft